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Watchlist Week of August 1st, 2022

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Ionis Pharmaceuticals, Inc. (Long Idea)

Ionis Pharmaceuticals, Inc. (IONS) is one of many biotech stocks showing signs of a potential breakout move higher.

Daily Chart of Ionis Pharmaceuticals, Inc. (IONS) – Source: TradingView

The stock was in a nasty downtrend from 2019 to the beginning of this year when it rallied above its 200-day moving average.

The chart has shallowed out nicely over the last few months, with pullbacks compressing from 29% down to a tight 6%.

IONS could make a run on a high-volume move above the $40 resistance level.

Kinsale Capital Group, Inc. (Long Idea)

Kinsale Capital Group, Inc. (KNSL) is a multi-line insurance company with four quarters of big sales and earnings growth.

Daily Chart of Kinsale Capital Group, Inc. (KNSL) – Source: TradingView

The stock has been forming a base since the start of the year, and price is now tightening up nicely on the right side of the chart.

We are also seeing lots of good buying volume as the stock advances higher.

If KNSL can break out to new highs, it could release this pent-up energy and deliver a powerful move to the upside.

Otter Tail Corporation (Long Idea)

Otter Tail Corporation (OTTR) is a holding company with operations in the energy, infrastructure and production businesses.

Daily Chart of Otter Tail Corporation (OTTR) – Source: TradingView

The company has its hands in a lot of businesses, and based on the earnings numbers, business is booming.

The fundamentals are mouth-watering…

Earnings climbed 136% last quarter following a 173% jump the quarter before. Sales growth is equally impressive.

I’ve had my eye on this stock since last year, and it is finally showing an actionable setup.

OTTR is scheduled to report earnings today, Aug. 1, after the market closes.

Buying before the announcement carries a bit more risk, but it could also pay off if the stock shoots higher on better-than-expected numbers.

The post Watchlist Week of August 1st, 2022 appeared first on Stock Surge Daily.

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