Hello traders! This is Andy from Trade Ideas, delivering a snapshot of the market as we wrap up the day this 27th of December, a Wednesday. I hope each of you had a fantastic trading day. Much like what I hinted in yesterday’s update, the SPY (S&P 500 ETF) traded just in a gradual upswing.

The market opened pretty flat today and as we glossed over the other indices, we didn’t notice a notable difference from the cues. The big story of the day, however, lies within some intriguing stock setups that are showing an exciting performance.

Sirius Satellite’s Performance

Firstly, I want to bring your attention to a lower-priced stock that’s been making some headlines – Sirius Satellite (SIRI). The chart below shows a nice upward movement of the stock. Pay attention to the way the pattern coils and consistently defends its ten-period moving average.

The beauty of trading is how subjective entry points can be. Looking at Sirius Satellite, an entry could be debated around the $5.60 mark or right as the stock clears the high of that wick at $5.80.

While some traders may prefer to wait for a pullback to buy, the resilience of this pattern suggests it has the potential for considerable gains. Nevertheless, always exercise due diligence and caution.

Watch out for Srrk

Next up on the radar is Srrk (Scholar Rock Holding). The stock is beautifully poised sideways after a significant climb. Although several stocks are showing the same bullish blueprint, what catches the eye with Srrk is the tremendous potential for an upward breakout.

Consider the stock potentially breaking out at the $19.75 level or even the $20 mark. Srrk undeniably can be a crucial game-changer for those keen-eyed traders who can spot an opportunity in the making. But always remember to tread wisely.

Upstart: Poised for a Bullish Move?

Stepping up onto the podium next is Upstart, now this is a stock you’d want to watch closely! Trading at approximately $73 million in float, it’s beautifully poised for a potential rally.

Upstart is much like a rocket waiting on the launching pad, ready to take off. However, let it be a cautionary tale; stocks like Upstart, that can potentially move fast, can be inherently risky.

If it swings in the wrong direction, it could spell a painful experience. Thus, approach this stock cautiously.

Plug—Ready to Charge?

Finally, rounding up the list for today is Plug Power Inc. (PLUG). I’ve been gradually adding to my position on each pullback. I believe if it can surpass the $5 mark, which is a notable psychological level and also somewhat close to its 50-period moving average, it will pave the way for a promising uptrend.

Above it lies a gap that could potentially trigger a favorable bullish rally. But as always, the key lies in diligent stock analysis and strategic trading.

Parting Thoughts

Before ringing off, remember to make your trading decisions based on thorough research and always be patient. Let the opportunities come to you.

That’s it for today folks! I look forward to bringing you more analysis, trade ideas, and market summaries in the days to come. Until then, happy trading, and we’ll be talking again tomorrow. Cheers!