Put down the 10-K filings and the stock screeners. It's time to take a break from the traditional methods of generating investment ideas. Instead, let the crowd do it for you.

From hedge funds to individual investors, scores of market participants are turning to social media to figure out which stocks are worth watching. It's a concept that's known as "crowdsourcing," and it uses the masses to identify emerging trends in the market.

Crowdsourcing has long been a popular tool for the advertising industry, but it also makes a lot of sense as an investment tool. After all, the market is completely driven by the supply and demand, so it can be valuable to see what names are trending among the crowd.

While some fund managers are already trying to leverage social media resources like Twitter to find algorithmic trading opportunities, for most investors, crowdsourcing works best as a starting point for investors who want a starting point in their analysis.

Today, we'll leverage the power of the crowd to take a look at some of the most active stocks on the market.

SunEdison

  • Nearest Resistance: $1.20
  • Nearest Support: $2.10
  • Catalyst: Technical Setup

Shares of beaten-down solar stock SunEdison  (SUNE)  are in rebound mode today, rallying almost 15% on big volume thanks to a technical change in shares. SunEdison's selloff has been pretty dramatic in the past year: Shares are off more than 94% in the trailing 12 months. And while today's big bounce is being welcomed by the bulls, it's not quite that substantial in the context of the selloff shares have experienced.

From a technical standpoint, SunEdison's price action has evolved into a pretty textbook descending triangle, a bearish continuation pattern that's formed by horizontal support down below shares, and downtrending resistance to the upside. Put simply, if SunEdison violate support at $1.20, then this stock opens up considerable downside risk. Shares are bouncing off of that $1.20 support level this afternoon.

Whiting Petroleum

  • Nearest Resistance: $10
  • Nearest Support: $6.30
  • Catalyst: Credit Agreement Changes

Shares of oil and gas company Whiting Petroleum  (WLL - Get Report)  are down 5.7% this afternoon after the company announced that it was amending its credit agreements effective May 1. The firm will be decreasing its borrow base to $2.75 billion, among other changes that include new restrictions on dividend payments and prepayments of other debt. The move was announced earlier this month, and Wall Street reacted less than favorably.

Technically, Whiting is starting to look "bottomy." Shares have spent all of 2016 forming an inverse head and shoulders pattern, a bullish reversal setup that triggers a buy on a breakout above Whiting's neckline level up at $10. The push above $10 is a fresh buy signal for shares of Whiting.

Pandora Media

  • Nearest Resistance: $10
  • Nearest Support: $6
  • Catalyst: CEO Change

Pandora  (P)  is back in the spotlight this afternoon, down about 10% following news that co-founder Tim Westergren will take back the CEO seat more than a decade after he left the company. Pandora has recently been getting attention over the news that management has been exploring a sale of the company.

Technically, Pandora's price action doesn't look very auspicious right now. Shares' attempted breakout above their long-term downtrend last week is being revered with today's selloff, and shares are back in the downtrend that has dragged Pandora's price action lower since last fall. Until this stock can trade back above its channel, it makes sense to avoid it.

Acadia Pharmaceuticals

  • Nearest Resistance: $35
  • Nearest Support: $22.50
  • Catalyst: Technical Setup

Shares of mid-cap biopharma stock Acadia Pharmaceuticals  (ACAD - Get Report)  are up more than 21% this afternoon ahead of the firm's FDA panel on its Nuplazid treatment for Parkinson's disease tomorrow. The FDA posted a staff report last week ahead of the meeting, spurring a selloff over concerns that the treatment may not be "clinically meaningful." But today's rebound is being driven by comments from Wall Street analysts that the FDA concerns were less bad than feared, and an approval is still likely tomorrow.

Today's breakout is meaningful from a technical standpoint. Shares are clearing prior resistance at $22.50, signaling the potential for a more prolonged reversal here. For investors who can stomach the headline risk, this still looks like a good opportunity to be a buyer.


Facebook

  • Nearest Resistance: $120
  • Nearest Support: $100
  • Catalyst: Monetization Updates

Facebook  (FB - Get Report)  is seeing some extra attention from traders today, after a report surfaced in The Information saying that the code for Facebook's messenger provides clues for how the app plans to become a marketplace for in-store purchases, further monetizing the world's biggest social network.

Facebook's price action has been trending higher in the long-term, bouncing up in a wide, well-defined uptrending channel. The next ideal buying opportunity comes on a dip towards trendline support at $100.

Facebook is a holding in Jim Cramer's Action Alerts PLUS charitable trust portfolio. The stock is one of the portfolio's favorite growth stocks. Cramer and Research Director Jack Mohr wrote recently:

"Facebook is the most powerful and iconic social media platform in the world, boasting over 1.5 billion users on its main platform alone. The company has been a leader in the shift to mobile, has a sprawling product ecosystem (Instagram boasts over 400 million monthly active users (MAUs), WhatsApp nearly 1 billion and Messenger over 700 million). Meanwhile, we like its earnings algorithm; its cost of sales is declining while average revenue per user is growing at breakneck speed."

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iShares MSCI Brazil ETF

  • Nearest Resistance: $27
  • Nearest Support: $23
  • Catalyst: Technical Setup

The Brazil-focused iShares MSCI Brazil ETF  (EWZ - Get Report)  is seeing extra attention this afternoon, up 2.8% on big value as this popular ETF makes the next leg of an important technical move. EWZ has spent the last year trending lower, harangued by a strong U.S. dollar and economic and political issues in Brazil. But shares broke free of their long-term downtrend earlier this month, clearing a path for higher ground in 2016.

Shares have mostly been tracking sideways after the breakout. The next pullback to newfound support at $23 makes for a low-risk buying opportunity in this big ETF.

Starwood Hotels & Resorts Worldwide

  • Nearest Resistance: $85
  • Nearest Support: $81
  • Catalyst: Revised Buyout Offer

Shares of Starwood Hotels & Resorts Worldwide  (HOT)  are enjoying a 2% bump on big volume this afternoon, after the firm revealed that it received a higher $14 billion takeover bid from a group led by China's Anbang Insurance Group, countering the latest counter-offer from Marriott International  (MAR - Get Report) . The new deal from Anbang would pay investors $82.75 per share in cash, versus a cash and stock deal from Marriott that's worth $78 per share at current prices.

Investors are anticipating the bidding war to keep going. Starwood's most recent share price of $84 currently sits at a small premium to the Anbang offer.

 

Disclosure: This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.