Dogecoin (DOGE) rallied out of a deep basing pattern at 16 cents in August, topping out at 35 cents a few weeks later. It posted a higher low in September and bounced once again, nearly completing a 100% retracement into the prior peak on Thursday. The coin has been pulling back since that time but strong support around 25 cents should ease selling pressure, setting up a potential buying thrust that may complete a cup and handle breakout pattern, with an upside target just above 50 cents.
Watch Invesco Solar ETF (TAN) on Wednesday because the passage of President Biden’s massive infrastructure bill may depend on Tuesday’s hotly-contested gubernatorial election in Virginia. The sector has been trading in tandem with acrimonious negotiations for several months now, rallying 31% in the last 19 trading days. A Republican victory may be viewed as a mandate against big government spending, potentially shifting moderate Democratic votes to the ‘no’ column.
Ford Motor Co. (F) joined the EV bandwagon this year, announcing a series of initiatives to compete with better positioned rivals Tesla Inc. (TSLA) and General Motors Co. (GM). The automaker beat Q3 expectations and raised 2021 guidance last week, adding to an uptick that’s posted an impressive 94% 2021 year-to-date return. However, the stock is now approaching resistance going back to 2011, raising odds for a reversal and decline that could last for weeks or months.
For a look at this week’s economic events, check out our economic calendar.
Disclosure: the author held no positions in aforementioned securities at the time of publication.