XL Fleet Corp (NYSE: XL) 

Technical Outlook: XL’s prices have been under pressure from an all-time high and made a low of USD 5.41 on 13 May 2021. Prices recently started to move upward after forming a bullish engulfing (bullish reversal) candlestick pattern on a weekly time frame chart, which indicates the possibility of a change in the trend to the upside.

On the weekly chart, the momentum indicator RSI (14-period) is trading near at ~38.03 level and recovering from the lower level. Prices also formed a positive divergence with the RSI, further supporting a positive direction. Moreover, during the last week, the volume in the stock is showing an upward trend, which indicates higher participation from the investors. However, prices are trading below the trend-following indicators 21-period SMA and 50-period SMA. Now an immediate resistance level for XL is at USD 9.10 and prices may test the level in the short term. On the lower side, USD 5.40 acting as an immediate support level. 

As per the above-mentioned price action and technical indicators analysis, we can conclude that XL Fleet Corp is looking technically well-placed on the chart and we have a ‘Speculative Buy’ rating on the stock. The summary of our recommendation is as follow:

Analysis: Kalkine Group

Sorrento Therapeutics Inc (NASDAQ: SRNE) 

Technical Outlook: SRNE's prices broke a falling wedge pattern by an upside on May 20, 2021, and since then, prices are hovering around the breakout level, indicating an upward direction for the stock. Prices also formed a positive divergence with the RSI (14-period) and supporting a positive stance. 

On a daily chart, the leading indicator RSI (14-period) is trading in positive territory at ~56.10 levels. Prices recently moved above the trend-following indicators 21-period SMA and 50-period SMA, further indicating an upward movement for the stock. The MACD line is trading below the centerline with a positive crossover. Now the next major resistance level for SRNE is at USD 9.10 and prices may test the level in the short term. On the lower side, USD 6.57 acting as an immediate support level.

As per the above-mentioned price action and technical indicators analysis, we can conclude that Sorrento Therapeutics Inc is looking technically well-placed on the chart and we have a ‘Speculative Buy’ rating on the stock. The summary of our recommendation is as follow:

 Analysis: Kalkine Group

Palantir Tech Inc (NYSE: PLTR)

Technical Outlook: On the daily chart, PLTR’s prices are recovering from lower levels and broke a major resistance level of USD 21.50 on May 26, 2021. Prices are continuously trading upside after taking the support of an upward sloping trend and indicating a positive direction in the coming sessions.

The momentum indicator RSI (14-period) is trading at ~57.10 level and indicates positive momentum for the stock prices. Volumes in the stock are showing an increasing trend, which indicates higher participation from the investors. Meanwhile, prices are trading above the trend-following indicators 21-period SMA. Now an immediate resistance level for PLTR is at USD 26.63 and prices may test the level in the short term. On the lower side, USD 19.40 acting as an immediate support level.  

As per the above-mentioned price action and technical indicators analysis, we can conclude that Palantir Technologies Inc. is looking technically well-placed on the chart and we have a ‘Speculative Buy’ rating on the stock. The summary of our recommendation is as follow:

 Analysis: Kalkine Group

Note: Support level can be considered as an indicative stop-loss, and if prices move below that level on closing basis investors may evaluate exiting the position. Resistance level can be considered as a Target Price for the stock. Investment decision should be made based on an Investors' risk appetite, previous holdings, and other factors considered.

Disclaimer

The advice given by Kalkine Canada Advisory Services Inc. and provided on this website is general information only and it does not take into account your investment objectives, financial situation and the particular needs of any particular person. You should therefore consider whether the advice is appropriate to your investment objectives, financial situation and needs before acting upon it. You should seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) as necessary before acting on any advice. Not all investments are appropriate for all people. The website www.kalkine.ca is published by Kalkine Canada Advisory Services Inc. The link to our Terms & Conditions has been provided please go through them. On the date of publishing this report (mentioned on the website), employees and/or associates of Kalkine do not hold positions in any of the stocks covered on the website. These stocks can change any time and readers of the reports should not consider these stocks as advice or recommendations later.