Top Stocks to Invest in 2023

Top Stocks to Invest in 2023

2023-02-20 • Updated

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

AMAZONH1-1602.png

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

AMDH1-1602.png

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

PMDaily-1602.png

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.

TRY TRADING NOW

You can access more of such trade ideas and prompt market updates on the telegram channel.

Similar

Nasdaq 100 (US100): Toward 17750
Nasdaq 100 (US100): Toward 17750

Bullish Scenario: Buy between 17515 and 17600 with TP1: 17681; TP2: 17720 intraday, and TP3: 17750 / 18000 in extension. Bearish Scenario in case of breaking the buying zone: Sell below 17500 with TP1: 17469; TP2: 17421, and TP3: 17358 in extension.

Latest news

USD Expected To Recover Some Strength
USD Expected To Recover Some Strength

In the early hours of Tuesday, the US Dollar faces challenges in maintaining its strength against major currencies, with the US Dollar Index struggling to surpass the 104.00 mark. Investors are eagerly anticipating the release of key economic data, including January Durable Goods Orders and the Conference Board's Consumer Confidence Index for February. Additionally, the economic calendar includes reports...

CAD: Price Delivery Suggests Strength
CAD: Price Delivery Suggests Strength

In the early hours of Tuesday, the US Dollar faces challenges in maintaining its strength against major currencies, with the US Dollar Index struggling to surpass the 104.00 mark. Investors are eagerly anticipating the release of key economic data, including January Durable Goods Orders and the Conference Board's Consumer Confidence Index for February. Additionally, the economic calendar includes...

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