It’s been relatively quiet action in terms of the overall market, but there have been momentum stocks popping off…
Eastman Kodak Corp. (KODK) is one of those stocks, and it just so happens to be tied to the pandemic. This week, there’s one major catalyst on the table that can spark fireworks in various industries.
If you don’t know what major event I’m referring to…
It’s the Pfizer-BioNTech advisory committee meeting that goes down on Dec. 10. Basically, they’ll meet regarding the vaccine and if there are positive developments…
The FDA would be more inclined to make a decision on getting this out to the masses.
You can probably guess which areas in the market can benefit from this news (if it’s positive).
I want to show you which stocks are on my radar and the patterns I see in them.
Why These Sectors Can Take Off
There are major implications for some sectors this week, and I’ll be targeting travel, cruise liners, and restaurants.
Now, I can tell you about the plays on my radar, but I think it’s more important to teach you how to fish. So let’s go to Finviz.
If you go to the “Screener” and go under Industry, I’ll drop down to “Travel Services.”
There are only 14 names that come up, so it’s easy enough to analyze, in my opinion.
What I like to do next is go under the “Charts” view.
When I go under the “Charts” view, I think it helps to recognize patterns easily.
For example, Royal Caribbean Group (RCL), is starting to break out.
That chart pattern you see above is the ascending triangle, and right now… these breakout patterns are what I believe traders should focus on.
Next up, there are “Restaurants” that can pop off too if there’s positive news regarding the vaccine.
So on Finviz, you can do the same thing to filter for plays, this time I selected “Restaurants” as the industry and average volume of over 1M.
That’s about 18 stocks, and again, I want to look at the “Charts” view.
Again, I would look for my favorite chart patterns because that’s what helps me identify the best risk-reward opportunities, in my opinion.
Right now, there are plenty of opportunities, and I want to show you how I utilize charts and price action to uncover them.
Since I genuinely want you to teach you how to succeed in the market, I want to invite you to this special training session here.
You’ll discover my three favorite chart patterns and how I use them to uncover some of the hottest momentum stocks.