5 Best Day Trading Stocks to Buy in October 2021

US stocks are looking a bit shaky after the September crash. However, if you are a trader here are some of the day trading stocks that you can buy in October 2021.

Day trading has become very popular given the increasing number of low-cost brokerages. Also, while some investors follow the buy-and-hold approach, others like to do day trading and make some quick bucks.

1. AMC Entertainment (NYSE: AMC)

AMC Entertainment is among the most popular day trading stocks. While it has fallen sharply from the 52-week highs, it can provide good trading opportunities. Now, from a fundamental perspective, Wall Street analysts see AMC as overvalued. The same holds true for fellow meme stock GameStop. However, both these stocks are owned and loved by their loyal shareholder base.

AMC is a popular day trading stock on Reddit

Looking at the technicals, AMC is facing strong resistance at the 50-day SMA (simple moving average). It also trades below the 100-day SMA. However, the stock is comfortably above the 200-day SMA. Day traders should watch out for the 50-day SMA as a rise above the level would indicate technical bullishness in the stock. Currently, AMC’s 14-day RSI (relative strength index) is 42.9 which is a neutral indicator. However, its 12,26 MACD (moving average convergence divergence) gives a sell signal.

AMC stock is also popular on Reddit group WallStreetBets. Overall, if you are looking at a day trading stock in October, AMC should be on your watchlist.

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2. Naked Brands (NYSE: NAKD)

Naked Brands is another day trading stock that you can consider in October. The stock was once popular on Reddit group WallStreetBets and it capitalized on the rally to issue new shares. The company is in the process of finalizing an acquisition in the cleantech sector. Once the announcement is made, and the deal is favorable to NAKD stockholders, we could see a rally in the stock.

NAKD is a penny day trading stock

NAKD stock trades below $1 and is a penny stock. However, the stock looks a good day trading stock. Also, it is among the turnaround penny stocks that you can consider. The company has restructured its business and exited the loss-making physical retail business and is solely focusing on online sales. The stock is down sharply from the peaks but has recovered over the last month. It could continue its recovery in October which makes it among the best day trading stocks.

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3. BlackBerry (NYSE: BB)

Blackberry was among the most famous meme stocks and the pumping from Reddit traders took it as high as $28.77. The stock now trades at a third of its peaks. The company is benefiting from the strong secular headwinds in cybersecurity, IoT, and 5G. BB today is a far different company than it was a decade back. The company has been transforming its business which would add long-term shareholder value.

BB is a good day trading stock in the 5G industry

If you are looking at a day trading stock in the 5G industry, BB looks like a good bet. However, it is not looking too bullish on the charts and is currently below the 50-day, 100-day, and 200-day SMA. The 12,26 MACD also gives a sell signal while the 14-day RSI is a neutral indicator.

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4. Clover Health (NYSE: CLOV)

Clover Health is a very volatile stock which makes it a good day trading stock. The stock has fallen sharply from its 52-week highs. However, it is again getting popular on WallStreetBets. The company’s long-term forecast also looks positive considering the expected increase in Medicare spending in the US.

CLOV is a fundamentally strong day trading stock

CLOV stock is trading slightly below the 50-day SMA of $8.22. The price channel has been strong resistance for CLOV and if it can cross above the level on buying support from Reddit traders, we could see some bullishness. Overall, CLOV is a fundamentally strong company and a good long-term investment available at reasonable prices. It is also among the best day trading stocks to buy in October considering its popularity on social media groups.

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5. Lordstown Motors (NYSE: RIDE)

Electric vehicle startup company Lordstown Motors is among the good day trading stocks that you can consider in October. The stock fell to a new low yesterday and its market cap has tumbled below $1 billion. However, there are several near-term triggers that make RIDE a good day trading stock in October.

In August, Lordstown appointed Dan Ninivaggi as the CEO. Ninivaggi, who has previously worked with Icahn Enterprises said “I believe the demand for full-size electric pickup trucks will be strong and the Endurance truck, with its innovative wheel hub motor design, has the opportunity to capture a meaningful share of the market.” He added, “With an absolute focus on execution, I look forward to working with the talented Lordstown management team, our suppliers and other partners to bring the Endurance to market and maximize the value of our assets.”

RIDE is a good day trading stock in the EV industry

RIDE stock has been very volatile. It had surged in August after Ninivaggi’s appointment. Later last month also, it had spiked on reports that it plans to sell the Ohio plant to Foxconn. Meanwhile, the company should soon begin the deliveries of its Endurance pickup. If the model is received well by the markets, it could take the stock much higher. Notably, for automakers, pickups are among the most profitable models.

Overall, after falling to a new low, RIDE stock now looks attractive and worth the risk. If you are looking for a day trading stock, RIDE would fit the bill with its massive volatility.

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