As we are heading to the final months of this year. So, I thought I would share with you guys some of the stocks which I believe you should add to your watchlist now.
Here are the 5 stocks you need to watch in Q4
1. Lucid Group (NASDAQ: LCID) - Market Cap: 57B
Lucid is an American-based automotive manufacturing company specialized in electric cars. Recently the stock bounced more than 40% after the company announced that deliveries of the highly anticipated Air Dream Edition sedan will begin on Saturday, October 30th.
Technical view: The stock has been range-bound over the past 6 months and currently trading above the upper base of a rectangle pattern. In the long term, there are chances the stock may eventually rise back to the all-time high of $64 if the upside momentum continues.
2. Teladoc Health (NYSE: TDOC) - Market Cap: 23B
Teladoc is a virtual healthcare company that offers a variety of care services, including primary care, and mental health etc.
Technical view: The stock rebounded after a big sell-off this year and it is currently supported at $120. In the long term, watch for the important breakout at $100 and $175, which will give a larger confirmation of direction.
3. ChargePoint (NYSE: CHPT) - Market Cap: 6.94B
ChargePoint is a leading electric vehicle charging network in North America and Europe.
Technical view: The stock jumped almost 10% in October after losing more than 40% so far this year. While in the short term, it can push further up if the recent upside momentum continues, and the first target should be $28. On the downside, if the stock loses the $17 handle, then the next support area to watch is $12.95(52-week low).
4. Alibaba (NYSE: BABA) - Market Cap: 486.6B
Alibaba is the largest retailer in the world, and also one of the largest internet business platforms with operations in more than 200 countries.
Over the past couple of months, we have witnessed a sharp fall in the price of Alibaba stock and that was a quite surprise for the investors, but the stock found strong buyers below the two-year low.
Technical view: The key resistance remains near the $200 psychological level, any break above would increase the potential of an extension towards $230 over the coming months. On the flip side, the immediate support is near $165 then $150.
5. NIO (NYSE: NIO) - Market Cap: 63.71B
NIO is a publicly-traded Chinese automaker which is also called the Chinese version of Tesla.
NIO shares closed in the green for the third consecutive week. During the 3rd quarter. the stock faced some downside pressure as the company witnessed tough challenges from the competition and the technology front. In the long term, watch for the important breakout at $46 and $30, which will give a larger confirmation of direction.
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