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What To Watch For In Last Week's Biggest Gainers: Digital World, Phunware And More

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·4 min read
In this article:
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  • PHUN
  • DWACW
  • HUDI

Last week the five biggest stock market gainers made huge moves ranging between 53% and 756%. Below is a look at each stock and what they may have in the cards going forward.

See Also: 24 Stocks Moving in Monday’s Pre-Market Session

Digital World Acquisition Corp (NASDAQ: DWAC) was the biggest gainer last week, skyrocketing 846% on news the SPAC would merge with Trump Media & Technology Group.

Digital World hit an all-time high of $175 on Friday morning before falling to close the day down about 20% off the open at $94.20. On Monday, Digital World opened higher but again ran into a group of sellers and profit takers.

Monday’s price action has created an inside bar pattern on the daily chart, which leans bullish due to the fact that the stock was rising before the pattern was created. There is a large gap below, however, between $52 and $67.96, which is likely to be filled in the future.

The stock will need more time for price discovery to etch out support and resistance levels on the daily chart. On the four-hour chart there is support at $87.50 and resistance at Monday’s high-of-day at the $121.80 mark.

dwac_oct._25.png
dwac_oct._25.png

Phunware, Inc (NASDAQ: PHUN) was the second-biggest gainer last week, soaring 756% after traders circulated an article from 2020 regarding a partnership between Phunware and the former Trump campaign. The stock reached a 52-week high of $24.04 on Friday before falling to close the day down 63% off the high.

In similarity to Digital World, Phunware looked to be printing a bullish inside bar pattern on Monday, with the price action falling completely within Friday’s trading range. Phunware has a gap below between $1.92 and $5.52, which is likely to be filled in future trading sessions.

On the four-hour chart, the stock has support below at $7.86 and resistance above at $12.

phun_oct._25.png
phun_oct._25.png

Remark Holdings, Inc (NASDAQ: MARK) rallied 156% on Friday and was the third-largest gainer in the market. On Monday, the stock soared up another 205%, at one point, and reached a 52-week high of $6.70 before running into a group of sellers.

The sellers were powerful enough to drop the stock down to a low of $3.62 but buyers came in and bought the dip, which caused Remark to form a lower wick on the daily candle. Like Digital World and Phunware, Remark will need a period of price discovery within Monday’s trading range and on Tuesday traders can watch to see if an inside bar pattern develops.

Remark has support below at $4 and $3.56 and resistance above at $4.72 and $5.60.

mark_oct._25.png
mark_oct._25.png

Yunhong International (NASDAQ: ZGYHR) soared up 82% higher on Friday, making the stock the fourth biggest gainer for the week. On Monday, Yunhong was in the process of printing an inside bar on the daily chart, with a long lower wick, which indicates there are buyers between about 29 cents and 41 cents.

There are three immediate gaps below on Yunhong’s chart that fall between about 22 cents and 25 cents and it's likely YunHong will trade down into the range in the future.

Unlike the three stocks above, technical traders can use moving averages as a guide to trade Yunhong’s stock. Yunhong is trading above the eight-day and 21-day exponential moving averages (EMAs), with the eight-day EMA trending above the 21-day, both of which are bullish indicators. The stock is trading in line with the 200-day simple moving average, which indicates indecision on the overall sentiment of Yunhong.

Yunhong has support below at 35 cents and the 30-cent mark and resistance above at 41 cents and the 45-cent mark.

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zgyhr_oct._25.png
zgyhr_oct._25.png

Huadi International Group Co, Ltd (NASDAQ: HUDI) was the fifth biggest gainer last week after being the third biggest gainer the week prior. Huadi rallied another 61% over the week to an all-time high of $15.95. On Monday, Huadi was printing an inside bar on lower-than-average volume, which indicates consolidation.

Huadi hasn’t left any gaps below on its meteoric rise, which may give bulls more confidence the stock may be able to maintain its current prices for a longer period of time. The large upper wicks on Friday and Monday’s candles should give bulls pause, however, as it indicates there are sellers and profit takers above the $13.67 level.

Huadi is trading above the eight-day and 21-day EMAs but the stock is extended from the levels, which indicates Huadi may need to consolidate in a sideways pattern while the EMAs catch up. Huadi’s relative strength index is also well into overbought territory at about 84%, further indicating consolidation is needed.

Huadi has some support below at $10.81 and near the $8.69 level, while the only resistance above is at the all-time high.

hudi_oct._25.png
hudi_oct._25.png

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