Home » Watchlist Week of May 30th, 2022

Watchlist Week of May 30th, 2022

Aris Water Solutions, Inc.

Aris Water Solutions, Inc. (ARIS) is a recent initial public offering (IPO) currently forming its first base.

The company operates as a regulated water utility company and has a market value of $1.7 billion at current levels.

Daily Chart of Aris Water Solutions, Inc. (ARIS) — Source: TradingView
  • Surge score: 96/100
  • % Above 52-wk low: 94%
  • Sales growth: +54%
  • Return on Equity: N/A
  • Triple momentum: yes

Price came strong off the lows, rallying 94% during what has been a vicious bear market this year.

This is a real sign of strength, and the stock could take off if the market rallies from here.

Shares formed a “cup with handle” pattern over the last several weeks, and I am looking for a strong move above $19.50 on decent volume.

Consider placing a stop at $18.25 for a low-risk trade.

United States Oil Fund, LP

The United States Oil Fund, LP (USO) is a $2.9 billion exchange-traded fund (ETF) that tracks the price of crude oil. It trades like a regular stock.

Daily Chart of United States Oil Fund, LP (USO) — Source: TradingView
  • Surge score: 98/100
  • % Above 52-wk low: 95%
  • Sales growth: N/A
  • Return on Equity: N/A
  • Triple momentum: yes

Oil had a big surge at the beginning of the year, but price got ahead of itself.

It has since consolidated in an orderly fashion with pullbacks shallowing from 23% down to 6%.

It is now breaking above the $83 resistance area and attempting to make a run.

Volume declined greatly in the weeks leading up to the breakout, which is generally a sign of decreasing supply and a lack of sellers… both good things for bulls.

I want to see a strong move higher on a spike in daily trading volume.

Set a stop loss about 7% below the entry for protection.

Northrop Grumman Corporation

Northrop Grumman Corporation (NOC) is a $72.6 billion aerospace and defense company.

It’s been a top-performing stock this year. Shares are up 22% year-to-date, while most stocks are down significantly.

Daily Chart of Northrop Grumman Corporation (NOC) — Source: TradingView
  • Surge score: 95/100
  • % Above 52-wk low: 37%
  • Sales growth: -4%
  • Return on Equity: 32%
  • Triple momentum: yes (short)

After a big move higher in late February, NOC has consolidated and formed a tight base pattern.

Volume is drying up, price action is tight, moving averages are pointing higher and relative strength scores 95/100.

All factors point to a potential breakout in this stock.

I will consider buying if NOC trades above $476. As always, I want to see a breakout on above-average volume.

Once triggered, my stop loss would be at $441 for a 7% risk on the trade.

Ross Givens
Ross Givens

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