Artificial Intelligence (AI) stocks have recaptured the attention of many, especially in recent days.
1 of the largest stocks in the AI space, Meta Platforms (META), had plunged 15% earlier due to a weak revenue forecast.
Conversely, Alphabet's (GOOGL) share price surged 11% after the company announced a share buyback and its first-ever dividend.
My heart cannot take the wild swings of these stocks, so I'm better off searching for explosive stocks that aren't part of the Magnificent 7 to trade.
I'd shared 3 stocks to watch for the month of Apr. Would you like to find out how our #PowerStocks picks performed?
- Core & Main (CNM): Gain of ~5%
- Corteva (CTVA): No entry
- ConocoPhillips: No entry
You would be up by 5% if you'd followed the #PowerStocks picks shared in Apr.
This is on the back of a -3% the S&P 500 is experiencing in the same period.
If you'd followed
The Art of Explosive Profits framework, you'd be up by about 5% too, beating the performance by the S&P 500.
Before sharing this week's #PowerStocks pick, let's review last week's stock pick:
ConocoPhillips (COP).
Review Of Last Week's Pick Of The Week
I predicted that ConocoPhillips' share price could continue to pull back to ~$126 before heading higher.
It had come to pass.
If you want to buy its shares for a swing trade now, please resist the urge.
ConocoPhillips will release its earnings results on 2 May, Thur.
Because earnings can affect its price wildly, and we don't hold an edge, it's advisable to keep this stock on your watchlist should a trading opportunity emerge next week.
Let's analyze this week's swing trading opportunity: Genuine Parts.
Why Is Swing Trading Genuine Parts (GPC) Worth It?
Source: genpt.com/overview
Genuine Parts (GPC) is this week's #PowerStocks pick.
The company distributes automotive and industrial replacement parts.
After being stuck in a downtrend for 1 year, the share price of Genuine Parts has turned into an uptrend.
Since then, the share price of Genuine Parts has largely outperformed the S&P 500.
Even better, Genuine Parts' shares have proven to be explosive.
The time for an explosive swing trade is near as a pullback is taking place.
You'll want to continue reading for more details.
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Performance Of US Stock Market vs Genuine Parts (GPC)
Genuine Parts' shares began soaring at the end of 2023, and this bullish momentum (inferred from its
uptrend) is intact.
While the S&P 500 dived on April 24, Genuine Parts wasn't spared. However, its shares recovered earlier and burst into life before the S&P 500 rebounded.
Such a strong performance is welcomed.
So, let's continue to analyze the shares of Genuine Parts.
How Explosive Is Genuine Parts (GPC)?
At this stage, you'll want to know whether buying shares of Genuine Parts is worth your time.
Therefore, you'll want to find out the explosivity of its shares.
To help you, I've marked out its upmoves over the past 9 months.
Can they be labeled as "explosive"?
Genuine Parts has a market capitalization of more than $22b, so its upmoves of 4% to 13.8% are considered explosive.
Here comes the million-dollar question: Is it time to buy its shares for a swing trade?
Let's head into the next section to find out!
Key Price Levels
Do you find it heartening that this explosive stock is pulling back?
At which price area is this pullback likely to stop?
This is why you'll want to uncover the key price levels of Genuine Parts' share price. Yes, these key price levels are also known as
support and resistance.
Can you tell that there's a support area ~$157?
Therefore, I think there will be more downside in the next few days. There's no hurry to buy its share for a swing trade.
When its shares reach ~$ $157, I'll look for a bounce before considering an entry.
Knowing that there's a resistance area ~$165, I'll be keen to take profit at that area.
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.
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Many new traders are often left confused by conflicting signs and signals.
Worse still, ~80% of traders lose money.
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It includes the mastery of your emotions.
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