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5 Hot Stocks and Their Fibonacci Retracements

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  • (1:30) - Using The Fibonacci Retracement To Know When To Buy and Sell Your Investments
  • (12:20) - Top Performing Stocks: Breaking Down The Charts To Find A Possible Buy
  • (29:40)- Episode Roundup: COST, CMG, NVDA, SMCI, GOOGL, VRT


Welcome to Episode #403 of the Zacks Market Edge Podcast.

Every week, host and Zacks stock strategist, Tracey Ryniec, will be joined by guests to discuss the hottest investing topics in stocks, bonds, and ETFs and how it impacts your life.

This week Tracey is joined by Zacks Stock Strategist and the editor of Zacks Counterstrike newsletter, Jeremy Mullin, to discuss the Fibonacci retracement levels on a handful of hot stocks as well as the major indexes including the S&P 500, the NASDAQ and the Russell 2000 ETF (IWM), which is the small caps.

Fibonacci Retracement Levels Are Another Tool

Fibonacci retracement levels look for areas of price resistance and support on stock charts. Jeremy uses Fibonacci retracement levels like a map. There are no guarantees with the retracement levels. Sometimes they hold, and sometimes they do not. And this includes both to the upside and to the downside.

The retracement levels are meant to be a guideline. But investors and traders can use them as another arsenal in their technical toolbox, in addition to knowing the company’s fundamentals.

Jeremy and Tracey looked at a bunch of hot stocks that have hit Jeremy’s top Fibonacci retracement levels, to see where the sell-off Fibonacci retracement levels could possibly be.

Missed out on the trade? There are always pullbacks and sell offs in stocks. Yes, even NVIDIA has pulled back in the last year. 

What price should you be looking at for the pullback?  

5 Hot Stocks and Their Fibonacci Retracement Levels

1.      Vertiv Holdings Co. (VRT - Free Report)

Vertiv provides infrastructure solutions and services in the areas of data centers, communication networks and commercial and industrial facilities including cooling and power. It is an AI play.

Shares of Vertiv have soared 115% year-to-date and are trading near all-time highs. As Jeremy discusses in the podcast, there have been few opportunities to get in on a pull-back on Vertiv so far as the stock has steadily ground higher.

What are Vertiv’s Fibonacci retracement levels?

2.      Super Micro Computer, Inc. (SMCI - Free Report)

Super Micro Computer has been one of the big AI and data center winners of the last year. Sales are expected to jump 109.7% this year.

Shares of Super Micro Computer have soared 188% year-to-date. But this is an instance where the stock IS pulling back. Super Micro Computer is down 5.5% over the last 3 months.

Is Super Micro Computer closing in on key Fibonacci retracement levels right now?

3.      Costco Wholesale Corp. (COST - Free Report)

Costco has a cult-like following among both shoppers and stock investors. Sales are expected to rise 4.6% in fiscal 2024.

Shares of Costco have been hitting new all-time highs, gaining 23.6% year-to-date. Who dares to buy it at these lofty levels?

Jeremy has a Fibonacci retracement level at a much lower price than current levels. Should you be a buyer of Costco if it gets there?

4.      Chipotle Mexican Grill, Inc. (CMG - Free Report)

Chipotle is one of the top restaurant stocks this year. Shares of Chipotle have soared 34% year-to-date to new all-time highs.

Chipotle is still doing double digit sales growth as well, with sales expected to rise 15% in 2024. The company is doing a 50-to-1 stock split on June 6, 2024, so keep that in mind when watching Jeremy discuss Fibonacci retracement levels.

What are the Fibonacci retracement levels telling us about Chipotle?

5.      NVIDIA Corp. (NVDA - Free Report)

Did you miss out the pullback in NVIDIA earlier this year? Shares of NVIDIA have skyrocketed, again, after the recent earnings report. The stock is up 28.7% over the last 4 weeks. NVIDIA is up 128% for the year.

Sales are expected to soar in fiscal 2025, up 91%.

All stocks have pullbacks. What are the Fibonacci retracement levels for NVIDIA?

Want to See the Fibonacci Retracement Levels on the Charts?

Jeremy shares all the charts and talks all the Fibonacci retracement levels. Tune into this week’s video podcast to see them.


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