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3rd Week Of May Watchlist: $SUUN Pennant Pattern + $GWAV at a critical point after its 400% rise last week (with charts)
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I hope everyone had a great and relaxing weekend, but it's time to get back to making plays! $GWAV got really hot towards the end of last week, and it is at a pivotal point to either continue its recent uptrend or start to reverse. $SUUN  highlights a promising growth opportunity in the renewable energy sector and is looking even stronger than $GWAV. If you trade these types of setups, take a look. And remember, the only way to make gains is to take profits :) Let's get into it!

First up, we have  $SUUN (Solarbank Corp.). This stock has been steadily climbing since its inception, driven by significant developments and strategic initiatives in renewable energy. With the US government heavily investing in clean energy projects, Solarbank Corp. is well-positioned to capitalize on this trend. The company's recent entry into the electric vehicle charger market and participation in IESO’s proposals for 4,000 MW of year-round electricity capacity add to its bullish outlook.

  • The chart shows a bullish pennant formation, indicating potential for further upside. Will be watching the trendlines and volume to confirm the breakout
  • MACD is crossing upwards on the 4-hour chart, signaling positive momentum.
  • Key resistance levels are around $6.30, $6.50, and $7.00. Breaking these could lead to a significant rally and also be good profit-taking levels if you are in this for a swing trade.

https://preview.redd.it/e2dmuxw11h1d1.png?width=2268&format=png&auto=webp&s=66356d6c28c80565fdb81843d980ce845b1bf0ca

Next up, we have $GWAV (Greenwave Technology Solutions, Inc.). This stock blew up on Thursday and Friday, and many people were talking about this stock in this sub. The stock flew a total of 400% before retracing at the current trendline. This stock could go either way in the short term, depending on the volume and interest next week. Make sure you keep an eye on this trendline if you are already in!

$GWAV Chart Analysis:

  • The chart indicates a bullish trendline support, suggesting the stock may continue its upward trajectory, but if there is little volume next week there is a chance this stock could break below and turn highly bearish.
  • MACD on the hourly has a bearish cross, so keep that in mind.
  • Watch for support around $0.15 and potential resistance around $0.20. A breakout in either direction is possible, so be prepared

https://preview.redd.it/2bz3zvmz0h1d1.png?width=2268&format=png&auto=webp&s=c2027b334f321ea0791e8e43b7b116cb3b348a23

Communicated Disclaimer- This is not financial advice whatsoever. Please do your own DD before investing! Sources -1,2,3,4

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6 months ago