Thu. 23 Sep 2021, 5:47pm ETBenzinga
In: Long Ideas, News, Penny Stocks, Short Ideas, Technicals, Commodities, Top Stories, Markets, Trading Ideas

ContextLogic Inc. (NASDAQ:WISH) and Camber Energy Inc. (NYSE:CEI) are two popular stocks on Twitter Inc (NYSE:TWTR) that were moving higher Thursday.

The stocks are favorites among Discord’s Atlas Trading Community, led by Twitter influencers Mr. Zack Morris (@MrZackMorris on Twitter) and PJ Matlock (@PJ_Matlock on Twitter). Mr. Zack Morris made calls on Twitter for WISH to $69 and CEI to $3 then $5.

ContextLogic closed Thursday up 3.81% at $6.14 and Camber Energy closed up 30.24% at $1.90.

Context Logic Daily Chart Analysis

  • Context Logic looks as though it is possibly breaking out of what technical traders call a falling wedge pattern. The pattern could signal the stock is ready to see a reversal.
  • The stock has been getting pinched between narrowing highs and lows for a time, and has finally crossed above pattern resistance, hinting the downtrend of the stock may be changing.
  • The stock trades below the 50-day moving average (green), indicating the stock has been seeing a period of bearish sentiment. This moving average may act as a place of resistance in the future.

Camber Energy Daily Chart Analysis

  • Camber Energy recently broke past an old resistance level and has retested the area as support before it saw a large move Thursday.
  • The $1.40 level acted as resistance in the past but has since crossed the level and became support. Now, the stock is heading higher toward the next possible strong resistance near previous highs around the $3 level.
  • The stock trades above both the 50-day moving average (green) and the 200-day moving average (blue), indicating sentiment in the stock is looking bullish.

What Do The Charts Say?

The Context Logic chart shows that the stock will likely not reach $69 anytime soon, but the stock may still reach this area in time. The Camber Energy chart shows that the stock has a good chance to reach the $5 level before Context Logic reaches $69.

Although both stocks have much hype around them, nothing is ever certain and traders should take caution and trade their own plans and not follow others when trading.

Photo: Alexander Shatov via Unsplash