Top Stocks to Watch in April 2024

My top stocks to watch in April 2024 have the kind of volatility that smart traders target. Every day, week, and month I survey the entire market, looking for stocks that are trending in one direction or another. Our job is to identify the stocks that have the potential to make moves and be ready to trade them if those opportunities come about.

7 Top Stocks To Watch

My top stock watchlist picks for April — based on pattern, price action, and catalyst — include the following:

Stock Ticker	Company	Performance (YTD)
AMEX: IBIO	Ibio Inc	+ 115.94%
NASDAQ: MESO	Mesoblast Limited	+ 196.31%
NASDAQ: GOEV	Canoo Inc	– 52.57%
NASDAQ: CGC	Canopy Growth Corp	+ 102.51%
NASDAQ: DNUT	Krispy Kreme Inc	– 0.81%
NASDAQ: VERB	Verb Technology Company Inc	+ 47.41%
NASDAQ: SOUN	SoundHound AI Inc	+ 147.60%

The stocks on this list are some of the craziest movers on the market …

Only trade these stocks if you have a solid plan and an understanding of the risks involved. I don’t trade until I see a setup I like.

Jump ahead to get to my trading plans for these top stocks!

Top 7 Stocks to Watch in April 2024

My top 7 stock picks are:

• AMEX: IBIO — Ibio Inc — The AI Obesity Drug Penny Stock
• NASDAQ: MESO — Mesoblast Limited — The FDA Approval Biotech Penny Stock
• NASDAQ: GOEV — Canoo Inc — The Foreign Trade Zone Catalyst Play
• NASDAQ: CGC — Canopy Growth Corp — The Legal Weed Stock With the Huge Catalyst
• NASDAQ: DNUT — Krispy Kreme Inc — The Donut Shop Stock With the Ginormous Catalyst
• NASDAQ: VERB — Verb Technology Company Inc — The E-Commerce Penny Stock
• NASDAQ: SOUN — SoundHound AI Inc — The AI Penny Stock on Short Squeeze Watch

Remember — we’re traders, not investors. You need to keep that mentality in mind even if you’re a swing trader.

That means:

• Always having a trading plan — and sticking to it.
• If a stock drops below risk, you need to sell. Only losers hold onto losers.

There are some stocks on this watchlist that are day trade only. Holding onto these volatile small-cap stocks overnight can lead to some nasty surprises, like when a biotech penny stock does a new share offering to cash in on its gains.

These penny stocks aren’t directly impacted by the larger market …

But over the years I’ve noticed an indirect relationship that’s important to understand.

When major indices show strength, it leads to more plays in the penny stock niche.

We still only want to trade the best setups. Here they are …

#1: Ibio Inc (AMEX: IBIO) — The AI Obesity Drug Penny Stock

My first stock pick is Ibio Inc (AMEX: IBIO).

This company is in the biotech sector.

One of the things that you need to know about this 2024 market: Biotech stocks can offer some of the best profit opportunities for small-account traders.

The stock prices are cheap, which allows us to build larger share positions. And the price can spike hundreds of percentage points. That’s how small-account traders can build wealth at a faster rate.

For example, IBIO spiked 330% in two days starting March 27. It’s a cheap biotech stock that announced some bullish news:

• A $15 million private placement.
• Ibio and AstralBio announced a business collaboration using AI to develop antibodies for obesity.

You can see on the chart below how quickly the stock reacts to the news.

But almost more importantly, notice the obvious consolidation around $3 in recent days. Every candle represents 15 minutes:

Price consolidation from a volatile stock like this is a hint that the price could rally and push higher.

It’s not a 100% guarantee. But, thanks to common support and resistance levels like IBIO’s $3 consolidation, we can build positions with proper risk/reward ratios.

Here’s what that means: We only want to trade the best plays. Setups where the potential gain outweighs the potential loss.

I posted a video below that explains this concept in more detail.

Don’t waste time on crappy setups! There’s a new profit opportunity every day in this 2024 market. Take advantage of that momentum.

#2: Mesoblast Limited (NASDAQ: MESO) — The FDA Approval Biotech Penny Stock

My second stock pick is Mesoblast Limited (NASDAQ: MESO).

Well well well … look at that. Another volatile biotech stock.

Keep an eye out for more biotech stocks spiking with news.

MESO announced the FDA recognized its phase 3 trial of remestemcel-L. FDA news is a great catalyst for a crappy penny stock like MESO.

In typical biotech penny stocks, price action lazily moves back and forth day to day. The company doesn’t have any announcements because it’s a tiny corporation. Then all of a sudden, there’s legitimate recognition from the U.S. Food and Drug Administration.

You can see the price react on the chart below. It spiked 230% following the news. Every candle represents 15 minutes:

MESO is still trading near the highs. It’s possible the price squeezes higher.

It’s already on a six-day run. And some of the stocks in our niche can run for weeks … It all depends on the strength of the catalyst and the current market environment.

• FDA news is a pretty good catalyst.
• The market is surging in 2024.

Look for major support levels before you enter a trade.

Taking random positions will give you random results.

Instead, approach these setups with a calculated trade process.

#3: Canoo Inc (NASDAQ: GOEV) — The Foreign Trade Zone Catalyst Play

My third stock pick is Canoo Inc (NASDAQ: GOEV).

On March 18, GOEV announced its Oklahoma City location was granted Foreign Trade Zone designation by the U.S. Department of Commerce.

As a direct result, GOEV is estimated to save around $70 million in 2024 and 2025.

Prices already spiked 290% in March. And there’s a chance it pushes higher. The chart hasn’t imploded yet … But remember, it’s a penny stock. The stock will crash eventually. But currently the price is still consolidating.

On the chart below, every candle represents 30 minutes:

To plan a trade: Watch moves up to the breakout level around $4.50 and identify key support.

#4: Canopy Growth Corp (NASDAQ: CGC) — The Legal Weed Stock With the Huge Catalyst

My fourth stock pick is Canopy Growth Corp (NASDAQ: CGC).

I already mentioned that biotech stocks are hot right now. Another bullish sector is AI stocks … 

But there’s a new sector making headlines in 2024.

Weed stocks.

This sector has been hot before. The volatility usually depends on momentum from larger marijuana legislation.

Over the last few weeks there’s been a lot of talk about marijuana legalization. Both in the U.S. and globally:

• POTUS Biden and VPOTUS Harris both expressed an interest in March of revisiting the U.S. approach toward marijuana.
• Germany decriminalized marijuana starting April 1.

CGC is also running thanks to a catalyst that was announced on March 14.

• There’s a potential acquisition looming. The vote deadline for the acquisition is April 10. We learn the results of the CGC vote on April 12.

This is a classic case of a forward looking statement causing bullish momentum. And the global events within the weed sector are exacerbating the hype.

The chart is still in play. Every candle below represents 1 hour:

There’s an important trading rule that we follow to keep our accounts safe. And it pertains to CGC.

Buy the rumor. Sell the news.

Here’s how it works, when stocks announce upcoming news it can cause a bullish buying spree in anticipation.

But if everyone who would have bought shares on the day of the event already did beforehand, when the event comes to pass there are only sellers left and the stock tanks.

We can trade the price action before and after the event. But don’t hold shares through the April 12 acquisition announcement.

#5: Krispy Kreme Inc (NASDAQ: DNUT) — The Donut Shop Stock With the Ginormous Catalyst

My fifth stock pick is Krispy Kreme Inc (NASDAQ: DNUT).

This isn’t a biotech stock, an AI stock, OR a weed stock. But the catalyst is too big to ignore. And we have to respect the price action of the recent spike.

DNUT launched 40% after announcing a new nationwide business partnership with McDonald’s Corporation (NYSE: MCD) on March 26. You can expect to find a Krispy Kreme donut in a McDonalds near you by the end of 2026!

When the news came out, DNUT instantly started running. Take a look at the chart below:

Notice the price consolidation on March 27 and 28 around the $15 support level. That’s a hint the stock could spike higher.

Prices dipped below $15 on April 3.

But there’s still a possibility that it rallies. We want to wait for the chart to find solid support. Keep an eye on this tasty runner!

#6: Verb Technology Company Inc (NASDAQ: VERB) — The E-Commerce Penny Stock

My sixth stock pick is Verb Technology Company Inc (NASDAQ: VERB).

VERB spiked 360% on September 5, 2023. This stock has a history of running. And that’s key in our trading niche.

Past spikers can spike again … 

Sure enough, on March 15 this year, the company announced a new shopping technology that integrates with Facebook and Instagram. The price immediately spiked 550%.

The move didn’t last long. Prices slid lower the next day and it’s been pretty ugly since then. Despite another fluffy press release on March 27 that mentioned a formal Tik Tok business collaboration.

Take a look at the daily chart below:

This stock wants to spike again!

We just need to wait for the right catalyst.

#7: SoundHound AI Inc (NASDAQ: SOUN) — The AI Penny Stock on Short Squeeze Watch

My seventh stock pick is SoundHound AI Inc (NASDAQ: SOUN).

SOUN works in “conversational intelligence.” The company provides a service that helps business people communicate if there are language barriers.

When the AI boom began in 2023, SOUN was one of the first runners. In 2023 the price spiked 410%.

But it sank from those highs in 2024. A lot of trashy penny stocks can spike hundreds of percentage points. But they ultimately crash back down.

It’s possible for the price to rally and push to new all-time highs. But it takes a BIG catalyst and BIG volume to push through all the bagholders.

Enter NVIDIA Corporation (NASDAQ: NVDA): On February 15 it was announced that NVDA bought a stake in SOUN.

NVDA is the star of the U.S. stock market this year and one of the most famous companies globally. The company’s microchips are at the center of this AI and tech boom.

As a result, SOUN spiked 250% since the announcement on February 15. It shot past those highs on February 26 and over the next month reached all the way to $10. It was a 350% move in total.

That’s unsustainable without another catalyst to push it higher.

And it’s likely why prices sank lower during the back half of March. See the chart below, every candle represents one trading day:

Usually I’d say that the stock needs another catalyst before we can plan a trade. But in this 2024 market, SOUN has potential to become the next big short squeeze. There are likely short sellers targeting this stock right now because it’s overextended.

If those short sellers get too aggressive, it could result in a massive squeeze.

Make sure to follow key levels of support and resistance. That helps us identify where the short sellers are hiding.

Top Stocks Under $5

Hot sector penny stocks — whether we’re talking AI penny stocks, biotech penny stocks, or another sector attracting a lot of news — are something traders should always be looking at. The allure lies in the potential for substantial returns on investment, as even minor developments or positive news within these sectors can lead to significant price jumps.

It’s important to proceed with caution and a well-thought-out strategy. The inherent volatility of penny stocks, combined with the speculative nature of emerging sectors like renewable energy and tech innovations, underscores the importance of a meticulous approach. Before diving in, ensure you’ve done your due diligence, looking past the initial excitement to assess the true potential and risks of these ventures. It’s wise to trade these stocks rather than invest long-term, given their unpredictable nature.

Success in trading hot sector stocks priced under $5 hinges on a selective and strategic approach. The goal is to tap into their explosive growth potential while implementing robust risk management practices. By zeroing in on companies making news in their specific niches, traders can seize opportunities for disproportionate gains. This strategy, coupled with a disciplined approach to maintaining a tight investment strategy and promptly cutting losses, can pave the way for trading success in these dynamic market segments.

What Do You Need to Trade Stocks?

The biggest thing you need to become a self-sufficient trader is something money can’t buy…

Patience.

Everything else is easy enough to come by.

Most brokers don’t charge commissions when you buy listed stocks — which is every stock on this list.

You can see the brokers I recommend here.

What else do you need?

You’ll need a trading computer and decent internet. You’ll also need a powerful trading platform like StocksToTrade…

StocksToTrade puts top-of-the-line charts and stock screening at your fingertips. It’s got a built-in news scanner that puts earnings reports and news that move stocks in one place.

We think you’ll see the difference immediately. Get your first 14 days here for only $7.

Then comes the hard part…

You need to learn patterns. You need to find out which strategies work for you. You need to put in screen time…

Paper trading is a good way to get your feet wet. StocksToTrade can do that too.

You need to make trading plans and track your trades. I know, it’s a lot. That’s why I’ve designed the best mentorship program out there — Daily Income Trader.

Our trading community will bring you live webinars, strategy sessions, and the chance to ask questions of me and other top traders.

My goal is to teach you how to think for yourself and trade through any kind of market.

Here’s one of the biggest things I teach you to do… 

How to Find Your Top Stocks to Watch: 5 Tips for Every Day

The best traders don’t believe in ‘hot stocks.’ They watch what the market is doing every single day.

There’s no trick to it. Building a daily watchlist comes down to five easy steps.

#1: Run Your Scans

You know what’s moving by setting your stock screener to pick up the right stocks.

I run scans all through premarket, looking for stocks up at least 10%, on decent volume and a catalyst that isn’t complete garbage.

The market is a game of supply and demand. A stock screener is the best way of measuring that demand.

#2: Know Your Catalysts

Crappy penny stocks will always have press releases and celebrity tweets when they’re running. It’s your job to know what’s fluff and what isn’t.

Luckily, it isn’t hard. Is the market reacting well to it? Then it’s probably decent news.

We have an add-on service specifically dedicated to the news that moves stocks. It’s called Breaking News Chat — and it can be your secret weapon. 

#3: Study the Charts

Studying charts can be the difference between randomly trading a stock and seeing a good entry.

How do I know that most days TSLA starts the day red it often finishes green? It’s because I’ve studied its charts.

#4: Look for Volume

Volume is the biggest indicator of price action.

You can trade a stock move with no news. But you probably don’t want to make a trade with no volume.

This is another thing to study when you’re looking at a chart.

Take a look at a stock’s biggest moves. How much volume does it get when it’s making a move? 

#5: Learn From Other Traders

Never copy another trader’s trades. If you’re last in on a trade, you’ll only make money by luck. And you sure won’t learn to trade for yourself.

The training we offer at StocksToTrade is designed to help you become a self-sufficient trader. We show you how we come up with our trade ideas, we don’t give them to you.

Profit and loss isn’t the mark of a good trader. It’s the planning and execution you put in.

We can help you get there in a few different ways:

• My Weekly Watchlist: On Sundays, my weekly watchlist is free on StocksToTrade’s YouTube channel.
• StocksToTrade Advisory: This is an intro to my trading approach — with premarket sessions, a weekly watchlist, and an in-depth monthly report.
• StocksToTrade Daily Accelerator: This is my no-cost daily newsletter, filled with mindset tips, the best plays of the week, and whatever else I think needs sharing.

Conclusion

I’ve shown you the work that goes into building a watchlist…

And I hope I’ve scared you enough that you don’t take these picks as recommendations!

Trading is something you do at the same time as millions of other people. Having stock picks is as silly as taking cue cards on a date…

And it works about as well.

Your trading success doesn’t depend on any ‘secrets’ I can tell you. The only thing it depends on is you learning about your own trading style.

Treat this watchlist as a starting point. Keep on working on your own watchlists until they fit the way you trade.

What do you think about the stocks I’m watching this month? Have you traded any of them? Let me know in the comments!