Top Stocks to Invest in 2023
The previous year 2022, was undoubtedly tumultuous for the stock markets, with several stocks plummeting across multiple industries. Analysts have blamed the hard times on inflation, hawkish federal reserve policies, an impending global recession, and the ongoing crisis in Ukraine. This year, however, we're beginning to see some recovery in the stock markets. This article will find a few stocks worth buying this year.
AMAZON - 1 Hour Timeframe
AMAZON on the hourly timeframe has recently broken out of a wedge which may lead to a continuation of the bullish market structure on the higher timeframes. So far, I believe that AMAZON would seek to create a new high after a slight retracement into a valid area of support.
Analysts’ Expectations:
Direction: Bullish
Target: $109
Invalidation: $99
AMD - 1 Hour Timeframe
AMD (Advanced Micro Devices Inc.) is currently in an uptrend. However, the current price action within the wedge indicates a possible bullish breakout because the recent reaction occurred at the confluence of the 50-Period Moving Average and the 62% Fibonacci retracement level. It would be in your best interest to wait for a clear break out of the wedge before settling into the trade.
Analysts’ Expectations:
Direction: Bullish
Target: $90
Invalidation: $85
PHILIP MORRIS - Daily Timeframe
PM (Philip Morris International Inc.) on the Daily timeframe created a bullish break of structure when prices rose above the high marked by the horizontal arrow. As a result of this price action and the fact that the price is currently reacting from the demand zone (as highlighted by the rectangle), we can project a buy scenario to the $105 price area. The 50-Day moving average also serves as an added confluence.
Analysts’ Expectations:
Direction: Bullish
Target: $106
Invalidation: $99
... notable mentions
The following are a few other note-worthy stocks to invest in for the year 2023;
- Lululemon Athletica (by John Starzak
- Argus Research Analyt)
- Merck (by Trung Huynh, Credit Suisse Analyst)
- Chord Energy (by Charles Lemonides, ValueWorks Ltd.)
CONCLUSION
The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.
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