Excitement in the crypto space is growing as the first bitcoin futures ETF hits the market and BofA's charts team looks at the stocks best positioned to benefit from their asset exposure.
The ProShares Bitcoin Strategy ETF (NYSEARCA:BITO) saw big demand and volume on its debut week.
BofA Securities Technical Research Strategist Stephen Suttmeier highlights "technically attractive charts for ten stocks of these digital asset exposed companies."
Advanced Micro Devices (NASDAQ:AMD) has upside potential to $138 to $150. "We previously flagged AMD as a vulnerable stock in late April, but the stock never decisively broke down and become more positive on a move back above its week MAs in late June/early July."
American Express (NYSE:AXP) has upside potential to $202 to $208. "AXP has firmed up relative to the SPX with a 2020 bottom and a potential bullish consolidation in 2021."
Bunge (NYSE:BG) is on breakout watch. "After a long term lagging trend from 2008 into 2020, BG is on head and shoulders bottom watch vs the SPX. If completed, BG could embark on a leadership trend."
Exelon (NASDAQ:EXC) has a big base above $50-$51 and upside to $67 to $72. "Although EXC has a challenging long-term downtrend relative to the SPX, there are some signs of stability off of the 2020 lows. Staying above the 13, 26 and 40-week MAs vs the SPX would make a case for a bullish turn vs the SPX."
Facebook (NASDAQ:FB) has support at $322. "Although FB has weakened relative to the SPX, the potential is for a bullish head and shoulders continuation pattern for FB vs the SPX, which means that FB has the potential for renewed leadership if this tactical pattern resolves to the upside."
JB Hunt (NASDAQ:JBHT) has breakout targets at $212 to $220. "JBHT shows signs of a 3-year+ big base relative to the SPX."
JPMorgan Chase (NYSE:JPM) big base counts to $190 to $205. "JPM has firmed up relative to the SPX with a 2020 bottom and a potential bullish consolidation in 2021."
SVB Financial (NASDAQ:SIVB) has upside potential to the $750 to $800.
Tesla (NASDAQ:TSLA) has a 2021 base that points to $1015 next. "Holding the 780 area on a dip would keep this breakout firmly in place with upside potential beyond the 2021 YTD peaks near 884-900 toward the pattern count at 1015."
Workday (NASDAQ:WDAY) has a 2021 base that points higher to $340. "WDAY is improving relative to the SPX, which supports the case for a bullish breakout from the 2021 bullish consolidation pattern. The 2021 pattern rhymes with the bullish absolute and relative price setups that preceded an upside breakout on WDAY from a 1- year base in late August 2020."