Tesla Tumbles

New 52-Week Lows led New Highs — 73 vs. 8.

April 18, 2024

Good evening. Welcome to Trends with No Friends.

For those just joining us, here’s an overview…

Trends With No Friends sifts through the noise and discovers stocks with high relative strength and low social following.

Why is this combination important?

Stocks that are outperforming tend to continue to outperform. Stocks that have a low social following are, by definition, undiscovered by the crowd. Stocks that have both Relative Strength and Low Social Following can really outperform as more investors discover them.

They are ripe to rip.

It was a muted day in the market.

The Nasdaq Composite was the worst performing major index. $IXIC fell -0.52%. The Dow inched +0.06%.

Tech tumbled -1.14%. Consumer discretionary dipped -0.62%. Utilities and communications carried approx. +0.50%.

New 52-Week Lows led New Highs — 73 vs. 8.

The Worst of the Worst

Tesla ($TSLA) is the worst of the worst. Elon’s EV manufacturer unplugged -3.55% and closed at its lowest price since January 25, 2023. Keep in mind, $TSLA reports Q1 2024 earnings April 23, 2024.

Here’s the daily chart.

And weak weekly chart.

SolarEdge Technologies ($SEDG) is a notable new low. The solar stock stumbled -3.93% and closed at its lowest price since June 2019.

Here’s the daily chart.

And weak weekly chart.

Enovix ($ENVX) is a notable new low. The lithium-ion battery developer dumped -9.35% and closed at an all-time low.

Here’s the daily chart.

And the weak weekly chart.

The Best of the Best

Badger Meter ($BMI) is the best of the best. The water metering technology manufacturer marched +16.65% and closed at an all-time high.

Prior to the open, the company reported record revenue — up 23% YoY.

Here’s the daily chart.

And monster monthly chart.

Apogee Enterprises ($APOG) is a notable new high. The architectural products provider propelled +7.01% after its Q4 earnings report.

Here’s the daily chart.

And monster monthly chart.

52-Week Lows

52-Week Highs

Riley’s Recommendations

Here are a few sweet links curated by Riley…

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