Stock Analysis:-Best stocks to swing trade for next week – Nextracker(NXT).
Criteria for Choosing the Best Stocks to Swing Trade Before diving into our picks, it’s important to understand how we choose the best stocks to swing trade. We look for:-
Positive fundamental indicators or upcoming events like earnings reports.
High volume and liquidity to ensure smooth trade execution.
Clear technical patterns like breakouts, trend reversals, or consolidation.
Strong momentum with higher highs and higher lows (HH-HL).
Date: Thursday, 13th September 2024
Stock: Nextracker (NXT)
Price Closed: $35.83
Nextracker (NXT) Stock Analysis
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we’ll highlight the best stocks to swing trade right now based on their technical indicators, market trends, and fundamental strength. Let’s dive in and explore this week’s top picks!
Weekly Time Frame Overview
Starting with the weekly time frame, Nextracker (NXT) stock has been trading in a bullish trend, consistently forming higher highs (HH) and higher lows (HL) on the chart. We apply Best swing trading strategies in this stock.
This indicates strong upward momentum. The stock is currently testing a weekly demand zone around the $32 price level, suggesting that a bounce toward the upside is likely.
Harmonic Bat Pattern
A key factor in this analysis is the presence of a harmonic bat pattern on the chart. This technical pattern often signals a potential retracement to the upside, targeting unmitigated supply zones. This makes Nextracker a prime candidate for a swing trade in the coming weeks.
Daily Time Frame: Falling Wedge Pattern
The daily chart further strengthens the bullish case with the formation of a falling wedge pattern, a classic indicator of a potential upward breakout. This pattern, combined with bullish indicators on the weekly chart, points toward a likely upward move in the stock price.
Fundamental Analysis
In addition to technical factors, Nextracker’s quarterly earnings report has been positive, further supporting the stock’s bullish outlook. Fundamentally, the company’s strong financials suggest that the stock is poised to perform well in the near term.
Expected Price Movement
Given the technical patterns and strong fundamentals, we anticipate Nextracker’s stock price to move upward in the coming weeks, potentially reaching higher levels as it retraces from the current demand zone.
Note: If the stock price breaks and closes below $32, this bullish setup will become invalid.
Buy Swing Trade Idea :-
Buy Entry Range: $35.50 – $33
Stop Loss (SL): $31.75
Target 1: $42.30
Target 2: $46
Summary: Nextracker (NXT) is currently positioned as one of the best stocks to swing trade based on its bullish trend, harmonic bat pattern, and positive fundamentals. The stock has strong upside potential, and the trade idea suggests a solid entry range with clear stop loss and target levels for traders looking to capitalize on short-term price movements.
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Note: Always remember: risk no more than 1% per trade.” Keep trailing your stop loss to secure bigger profits.
Please note this is only an opinion and not financial advice.
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