Core & Main: #PowerStocks Series Pick Of The Week (April 2024)

You've been waiting for this long weekend. You've been looking forward to the thick coffee and crispy kaya butter toast in Johor Bahru, Malaysia. As it was the long weekend, you set off early in the morning to avoid a massive traffic jam. Soon after setting off, traffic begins to turn into a standstill. You look ahead, only to see a snaking queue of vehicles ahead of you, with the checkpoint nowhere to be seen. Deflated, you entertain the thought of postponing your trip. But, your kids will be disappointed. Conflicting thoughts run through your mind. You decide to proceed with your planned trip. The next day, you see CNA's headline stating, "510,000 travelers used Singapore-Malaysia land checkpoints on Mar 28, highest in a single day". Taking things easy, you laugh at yourself. Switching to the stock market, let's find out how our #PowerStocks picks performed in Mar 24.

1. Vistra (VST): No entry
2. Sherwin-Williams (SHW): No entry
3. Toll Brothers (TOL): No entry
4. Live Nation Entertainment (LYV): No entry

As the S&P 500 rose 2.95%, none of the stocks shared had pulled back deep enough to warrant an entry. Is this normal? This happens occasionally in trading. But if you'd followed The Art of Explosive Profits framework, you'd be up by more than 6%! This is more than 2x the returns provided by the S&P 500. Before sharing this week's #PowerStocks pick, let's review last week's stock pick: Live Nation Entertainment (LYV).

Review Of Last Week's Pick Of The Week

The share price of Live Nation Entertainment (LYV) continues to soar! FOMO is gripping you. You aren't alone. Having a trusted trading plan and the discipline of following your plan will help you overcome FOMO. Let's wait for the anticipated pullback to buy its shares for a swing trade.

Why Is Swing Trading Core & Main (CNM) Worth It?

Source: jobs.coreandmain.com/careers

Core & Main (CNM) is this week's #PowerStocks pick. The company distributes water, wastewater, storm drainage, fire protection products, and related services. For nearly 2 months, its share price has been outperforming the S&P 500. Furthermore, its share price has been exploding numerous times and is finally pulling back. Therefore, you'll want to watch this stock closely for a swing trading opportunity soon. Read on to find out the details I'll be watching. P.S.: What if I told you that you could drastically gain control over your emotions of fear and greed, and master the stock market in a short period of time? My team and I have worked tirelessly to help you achieve results fast. Click on the banner below to claim your stock course for free (limited time) now!

Performance Of US Stock Market vs Core & Main (CNM)

At this stage of our analysis, you'll want to know whether the share price of the candidate for a swing trade is in an up or down trend and whether its performance is stronger than the S&P 500's. Can you tell from the comparison chart above? Core & Main's share price is in a marvelous uptrend. Buying its stock for a swing trade will likely be profitable. After an unspectacular start, its share price soared to the point of overtaking the performance of the S&P 500! Therefore, you'll want to continue analyzing the shares of Core & Main.

How Explosive Is Core & Main (CNM)?

No one enjoys being stuck in non-moving traffic. No one enjoys being stuck in a non-moving stock too. After all, the purpose of trading is to profit from the market. Hence, you'll want the shares of Core & Main to exhibit explosive behavior. Core & Main's shares have exploded 17 times in the past 10 months! Enjoying a market capitalization of $11.5b, these up moves measuring between 4.5% and 20.1% are remarkable. Great! Now, let's dig deeper to discover whether the time to buy its shares for a swing trade is here.

Key Price Levels

Let's uncover the key price levels of Core & Main's price chart. Can you tell that there's a resistance area ~$58? This is a clear indication that buying its shares now isn't the best of ideas. Instead, you'll want to wait for a pullback to ~$53 (dashed line) and bounce before buying the shares of Core & Main for a swing trade. Finally, this is for educational purposes. Please perform your due diligence. All images are taken from pexels.com, pixabay.com, sectorspdrs.com, tradingview.com, and unsplash.com, unless otherwise mentioned.

Claim Your Free (Limited Time) Stock Course Right Now:

The stock market is full of traps laid out by professional traders. Many new traders are often left confused by conflicting signs and signals. Worse still, ~80% of traders lose money. This is because trading isn't just about skill alone. It includes the mastery of your emotions. But what if I told you that you could quickly gain control over your emotions of fear and greed and master the stock market? My team and I have worked tirelessly to help you achieve results fast. Click on the banner below to claim your stock course for free (limited time) now!