Cellebrite (CLBT: NASDAQ)

Cellebrite (CLBT) develops digital solutions for investigative branches of governments around the world. Cellebrite just announced that its Endpoint Inspector SaaS is now available on AWS Marketplace, broadening its market reach. The new solution enables faster and deeper insights into corporate digital investigations and e-discovery. This move significantly enhances Cellebrite’s role in the Amazon Partner Network, potentially reducing customer system maintenance costs to have an immediate positive impact on its net margins.

Institutional investors have been accumulating stakes in Cellebrite’s stock. For example, SG Americas Securities LLC grew its stake in Cellebrite by 34.8% during Q1. The firm owned 51,881 shares of stock after purchasing an additional 13,392 shares in that period. This indicates bullish conviction from the biggest players on Wall Street over CLBT’s stock price.

Major investment banks and research firms have been aiming for a much higher upside for CLBT as well. Bank of America raised their price objective on Cellebrite DI from $12.00 to $13.00. JP Morgan Chase also boosted their price target on shares of Cellebrite DI from $12.00 to $14.00 and gave the stock an “overweight” rating in a research report.

We are bullish on CLBT above $11.50-$12.00. Our upside target is $20.00-$21.00.

Rocket Companies (RKT: NYSE)

Rocket Companies (RKT) is a fintech mortgage loan originator. “Rocket entered 2024 with strong momentum. We accelerated top-line growth for the third straight quarter and achieved our highest profitability in two years. Once again, we expanded both our purchase and refinance market share, through a combination of innovation, technology, process enhancements, and strong execution,” said Varun Krishna, CEO and Director of Rocket Companies.

Krishna was also highly bullish about how the company can leverage its proprietary AI tech stack to fuel its future growth. “We see tremendous opportunity ahead to serve our clients. The homeownership space is vast, fragmented, and ripe for modernization. Rocket is uniquely poised to leverage AI and drive transformative experiences in service of our mission to help everyone home.”

The optimism in RKT’s stock can be reflected in the recent central bank purchases of its stock. For instance, the well-capitalized Swiss National Bank increased its stake in Rocket Companies by 4.1% during the first quarter. The firm now owns 237,000 shares of the company’s stock after purchasing an additional 9,300 shares during the period.

RKT netted an adjusted revenue of $1.2 billion in its latest quarterly report. Adjusted revenue exceeded the high end of the guidance range, and year-over-year growth accelerated for the third quarter in a row.

We are bullish on RKT above $13.00-$14.00. Our upside target is $20.00-$21.00.

Ethereum (ETHUSD)

The volatile price action in the crypto market continued last week, as much of the previous week’s gains were retraced. This week, we are back to looking at Ethereum, which is at a major inflection point given the approval of ETFs by the SEC. The concern here from a pure trend-following standpoint is that a potential lower-high with respect to the trend was completed last week. Following the low from July 5, which exceeded the low from May, this could indicate a short-term downtrend is in effect for Ethereum.

Despite this, we are willing to give Ethereum the benefit of the doubt as long as prices hold above support at $2,900-$3,100. If this support holds, Ethereum could still be considered in a broader consolidation within the broadening wedge formation. The key is maintaining this support to avoid further downside.

For Ethereum to look bullish again, it needs to clear resistance at $3,400-$3,600. Breaking through this resistance would negate the bearish scenario and potentially set the stage for a bullish run, bolstered by the positive sentiment from the ETF approval.

BNB (BNBUSDT)

BNB began the week above the weekly pivot with an inside pivot, which often leads to explosive moves. For this trade, look for entries near this pivot at a support zone, providing a solid foundation for potential gains. If the price moves 2-4% from entry, be sure to move the stop loss to break even to mitigate losses from possible market manipulation. Prioritizing risk management is essential to maintaining a healthy trading strategy.

Enter a trade in the range of $580.55 to $576.55. The take profit targets are set at $605.25 and $633.05, reflecting potential upward movement based on historical price action and current market conditions. Setting these targets allows you to capture gains at strategic resistance levels.

For risk management, set the stop loss at a candle close under $572.90. This ensures that if the price fails to maintain the support zone, potential losses are minimized. By adhering to this structured approach, you can manage risk effectively while positioning yourself for potential gains.