Here’s a Stock pick from out Active Trading Forum: $GRIN – May 2, 2022GRIN SPY
This is Scott with your Chart of the Day. I am pulling a chart from our Active Trading Forum that one of our long-term members posted and has been following along. It caught my attention today, it’s Grindrod Shipping ( NASDAQ: GRIN ), it is in a nice uptrend, that’s one thing I know, and it’s above all of the major moving averages.
We had a pretty decent day considering Friday’s close on the S&P 500 ( NYSEARCA: SPY ), let’s go over that, closing near the lows, pretty high volume. GRIN ( ( NASDAQ: GRIN ) bounced off the 50-day moving average and closed above all its key moving averages. Today a retest of that breakdown, it held, bounced up and closed near the highs of the day coming on higher than average volume.
This wasn’t even a stock that I was following, that is one of the advantages of being a part of a great trading community like we have over at stockmarketmentor.com. We have a ton of different types of traders looking at different types of things and a ton of ideas every single day. I saw this being posted and I liked this chart. It is in a nice uptrend, above all the major moving averages. A relative strength versus the S&P 500 ( NYSEARCA: SPY ) here on Friday and a nice follow-through here today.
I think this is definitely a stock you want to keep an eye on. I will note, it does look like it has a pretty small float and could trade with a bit of a wide spread. Anytime that is the case you may want to really kind of manage you size in that case because it might whip around a lot on an intraday basis.
But I think this stock is definitely one you should be watching because as you can see, it is close to the highs here. And in a market where a lot of stocks are hitting 52-week lows we should be paying attention to stocks near their 52-week highs. So keep an eye on GRIN ( NASDAQ: GRIN ), I’m going to set an alert here on my platform for a new high just above 28.90.