Top Trade Ideas - March 4th

A new week presents new opportunities in global markets.

US equities passed by February seasonality, closing the month 5% higher (S&P 500). Japan’s major index, Nikkei 225, continued rallying higher, now surpassing 40,000 for the first time, opening the door to further gains in its historic rally.

Gold was another strong performer last week, closing its weekly price at the highest level ever.

In G10 FX, we had another week with a lot of noise but little follow-through. Up ahead, we watch for Japanese inflation on Monday to see if USD/JPY can hold below 150, with the ECB meeting on Thursday also in view to see if we can get a feel for the EUR.

Now, let’s move into our trade ideas across equities, currencies, commodities and indices for the week ahead.

Equities

CleanSpark (NASDAQ: CLSK) is a Bitcoin mining company. Bitcoin, and crypto in general, has risen back to their euphoric ways. Now, we can turn to some of the related stock names, such as the miners. CLSK sits right at a major support. We look for a long trade towards resistance at about 23.60.

TRADE IDEA - CLEANSPARK MINING LONG

Entry: 18.00

Stop Loss: 15.00

Take Profit: 23.60, 30.00

American Electric Power Company (NASDAQ: AEP) is breaking higher from a wide downtrend and also above a recent resistance level. With higher lows seen on the daily TF, this is one to keep watch of. We could see a continued move higher with this momentum.

Utilities haven’t been the strongest performing stocks over the last few months, but energy names have had some success, notably NRG.

TRADE IDEA - LONG AMERICAN ELECTRIC

Entry: 85.00

Stop Loss: 82.90

Take Profit: 88.00

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Onto the rest of the alpha.