In this article, we have listed the 3 stocks that can look for a potential move to the upside in the coming days. For the detailed technical outlook of these 3 stocks please visit our Website, https://gulfbrokers.com/en/tv page or the YouTube channel - https://www.youtube.com/@gulfbrokersTV. The new video will be uploaded soon.
1. PacWest Bancorp (NASDAQ: PACW)
Shares of the regional bank based in California PacWest Bancorp slid more than 90% this year due to the entire regional banking sector having faced heavy selling pressure since March following the failure of two U.S. lenders. PacWest Bancorp is a bank holding company that specializes in financial and banking solutions.
Recently the stock slightly recovered from the early losses after the California-based bank struck a deal to combine with rival Banc of California (NYSE: BANC). Under the terms of the deal, both California-based banks will merge into one bank called Pacific Western Bank and raise $400 million in equity. Therefore, the recovery has already begun, and the banking stock can still rebound from previous losses, delivering possible profits on the way to an industry-wide recovery.
2. Shutterstock (NYSE: SSTK)
Shares of the stock image company Shutterstock fell more than 15% in the last two trading sessions despite the company announcing better-than-expected second-quarter earnings. Shutterstock is a leading global provider of high-quality licensed images, videos, and music. Although it faced setbacks and a decline in stock price, Shutterstock remains an undervalued growth opportunity. The company's involvement in the thriving AI technology sector and strong fundamentals merit its inclusion in our list.
During the last month, the stock bounced back to above $55 after the company announced a six-year deal and expanded its partnership with artificial intelligence pioneer OpenAI. Shutterstock’s OpenAI integration will give customers synthetic editing capabilities so they can transform images from the Shutterstock library using AI. The company also collaborated with other industry leaders, including Nvidia, Meta and LG, to establish foundational generative AI tools and standards for creators working with 3D images and text.
3. Nio (NYSE: NIO)
Nio stock has climbed 65% over the past two months. And this could be just the beginning. NIO Inc. is a Chinese company that designs, develops, and manufactures electric cars. It was founded by William Li in 2014 and was called NextEV until 2017. The current up move since the lows of May 2023 was in one move on the monthly chart, and it is likely that we see a pullback in that direction before the stock makes its final decision about the direction.
Throughout last month, the company’s stock price has been aggressively bullish, which had been a result of pressure caused by several factors, including the Chinese government’s promise to boost the growth of local clean energy businesses and rumors of a potential Nio-Mercedes partnership. For those looking for a stock that is turning a downtrend into an uptrend and attracting buyers in a so-so market, Nio might be the right play.
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