Top Stocks Near Support Levels

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Find out what happening right now and get all the pieces of the puzzle on important data activity before the major news sources break the story and see what are the trends
 

•  09 Jan 2025
 

Timing entries around support levels is crucial for traders looking to optimize investment decisions. With the market now closed and pre-market trading in focus, we analyze the top stocks near their support levels and provide insights into their potential movement based on technical indicators.

Advanced Micro Devices $AMD is currently trading at $121.84, sitting just above its support level of $118.88. The stock’s resistance stands at $138.61, creating an appealing potential upside of nearly 14%. With trading volume at 39.31 million, surpassing its average of 36.79 million, there’s heightened market attention. This is likely influenced by recent news about the Biden administration tightening export curbs on AI chips. While the short-term outlook may appear volatile, a rebound from support could position AMD for a significant move upward toward resistance.

Anavex Life Sciences $AVXL closed at $11.43, staying close to its $11.18 support level. Resistance at $13.46 marks an opportunity for a potential breakout if market sentiment turns positive. Recent volume of 3.04 million exceeded its 2.18 million averages, signaling growing interest. Traders might consider this a prime entry point, especially with its strong rating score of 4.27, suggesting favorable conditions for upward momentum.

Cameco Corporation $CCJ ended the session at $51.36, just above its support of $49.28. The stock faces resistance at $60.93, leaving room for growth if support holds. Volume reached 4.33 million, above its average of 3.29 million, indicating strong investor interest. Recent news surrounding the resignation of Westinghouse’s CEO may have added to market activity, but with CCJ robust fundamentals, this dip could be an opportunity for strategic accumulation.

IonQ $IONQ is trading at $30.25, nearing its support level of $29.32. Resistance looms higher at $51.07, providing significant upside potential if the stock bounces. With an exceptional volume of 121.20 million, far above the average of 26.30 million, IONQ has captured substantial market attention. Its high rating score of 3.90 suggests that investors may see value in capitalizing on the current pullback.

Lyft $LYFT closed at $13.36, close to its support at $12.90. With resistance at $18.59, the stock offers a compelling risk-reward ratio for traders. Recent trading volume of 14.17 million aligns closely with its average of 13.87 million, showing steady interest. With a strong rating score of 4.05, LYFT remains one to watch for a possible rebound from support levels.

Timing entries at or slightly above support, paired with careful monitoring of volume and market sentiment, can lead to optimized investment decisions. With pre-market trading underway, these insights can help position portfolios for success in the coming sessions.