Certainly! Here’s a conversational blog post from the perspective of Barrie Einarson:
Certainly! Here’s a conversational blog post from the perspective of Barrie Einarson:
Oct 10, 2024
Hey everyone, Barrie Einarson here with today’s “What Makes This Trade Great.”
Let’s dive into today’s choppy market action. I know a lot of you saw how the $SPY was trying to recover but still lacking some solid trend plays. It’s been a tricky day to find trades with strong follow-through. However, one stock that stood out was RAI.To Subscribe: https://go.trade-ideas.com/SHQ
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So, What’s the Story with RAI?
RAI popped up on my radar with an alert at $3.14. Now, I’ll be honest, this one was a bit jumpy early on. But, once it got going, it made an impressive move up to $3.59. That’s a substantial swing in a market like this, so I wanted to take a closer look.
Here’s why I think RAI could be worth watching into tomorrow:
- Weekly Chart Room: Check out that weekly chart. We’re looking at a potential run to around $4.10. There’s a nice bit of space for it to climb if it can get some momentum going.
- Low Float Action: You all know what a low float can do – it’s like gasoline on a fire. Stocks with low floats tend to have big, fast moves, which makes them prime candidates for continuation plays.
- Drone Play Potential: Now, I think this one might be connected to drones, which ties into some ongoing themes, like hurricane response efforts and global events. That drone angle could bring in some buyers, especially with all that’s going on in the world right now.
So, what’s my take on this? I’m not saying hold it overnight – that’s always a risky move – but I’d definitely keep an eye on it tomorrow. There’s a chance we could see some continuation, and if that happens, it might be a solid intraday play.
Alright, traders, I’m heading back to the trading room, but keep RAI on your watchlist for tomorrow. As always, stay sharp, and let’s see what the market has in store. Catch you all later!