On October 5, we highlighted an opportunity in oversold shares of Facebook (FB), which opened at $328.58. This morning, the stock is set to open at $337.60 – and could refill its bearish gap around $340, near-term. Longer-term, we’d like to see it back to $380.
As for new opportunities, take a look at Five Below (FIVE).
After getting clobbered on investor concerns over rising prices and supply chain issues, the stock appears to have bottomed out. From a current price of $175.75, we’d like to see the stock eventually refill its bearish gap around $210, near-term. Morgan Stanley just upgraded the stock to overweight from equal weight with a price target of $230. The analysts believe recent concerns are overblown.