Ian Cooper’s Stock Pick of the Week

Chart of Day: Tesla (TSLA)

Just a few weeks ago, we highlighted opportunity in Take-Two Interactive (TTWO).

“After testing a high of $171.59 on GTA VI hype, Take-Two Interactive (TTWO) plummeted to a recent low of $138.93 on the game’s delay,” we said. “Nowadays, with most of the negativity now priced in, oversold shares of TTWO are a bargain. Plus, it’s slowly starting to pivot higher from over-extensions on RSI, MACD, and Williams’ %R. From its last traded price of $141.72, I’d like to see it rally back to $171.59 with patience.”

Since that mention, TTWO ran from about $141 to a recent high of $159. From here, we’d like to see TTWO retest $170.

We also highlighted Advanced Micro Devices (AMD), as it traded at $150.60. After hitting a high of nearly $172, it’s now trading at $166.27, where we still like it.

As for new ideas, keep an eye on Tesla (TSLA).

Down but not out, it could benefit from accelerating electric vehicle sales this year.

For 2024, EV industry sales are expected to increase anywhere from 20% to 30%. Plus, according to Michelle Krebs, executive auto analyst for Cox, “EV sales are increasing faster than any other segment in the industry.”

Better, TSLA sales could accelerate with the potential for newer, cheaper electric vehicles. As noted in a first quarter earnings report, “We have updated our future vehicle line-up to accelerate the launch of new models ahead of our previously communicated start of production in the second half of 2025.”

“These new vehicles, including more affordable models, will utilize aspects of the next generation platform as well as aspects of our current platforms, and will be able to be produced on the same manufacturing lines as our current vehicle line-up,” they added.

 

Ian Cooper is an experienced trader who uses a combination of technical, fundamental, and news analysis to help individual investors grow their wealth. Ian’s Premium Options Strategies

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