Market Watchlist 11/15 - 11/19
Hello everyone and welcome to another weekly watchlist by True Trade !!!
Last week was great , as we put in ew all time highs , followed by our first pullback , in what feels like forever. Momentum is still strong to the upside , so that pullback could've just picked up some fuel to break to nw all time highs. Or will tha eod bounc fail and we try to head back into the lows 👀.
Aside from that here are a few names I will be keeping an eye on this upcoming week , all of which has earnings coming out, and as a result of earnings we should see increased volatility giving us a multitude of trade opportunities
(ALL TIME IS BASED ON PST)
(for all trades below I mention level hold, stop loss, etc, I'm using daily or hourly closes for stop losses or holds, you can trade the levels on an intraday basis !).
1. HOMEDEPOT ($HD)
$HD - DAILY UNTIL 11/12
HD has formed a nice consolidation these last 3+ trading weeks, and now with earnings coming up , it will be interesting to see which was we break. The trend is strong to the upside , sitting just at the all time highs , so unless earnings go terrible , I would prefer to be a buyer on any pullbacks.
KEY LEVELS:
373.81 - The top of the current channel HD is in, more of a sell target. Ya , you can look for shorts until it breaks , but when it breaks , definitely be looking for that breakout trade to new highs.
365.99 - Bottom of the current consolidation zone. Most recent support in a strong uptrend , so I would prefer to be a buyer here. Meanwhile if eller break and start to hold under say mid 365 , we could see a quick move into the downside.
358.2 - If we have a break to the downside the next breakup candle comes into play around 358 , doesn't mean we can bounce earlier , but this zone would be preferred for the dip buy on a breakdown.
2. NVDA ($NVDA)
$NVDA - DAILY UNTIL 11/12
NVDA is one of the etech names that have been on complete fire hesee last few week's > It seems to have started to cool off last week , but that could've just been some conservative consolidation before earnings come out. Knowing how crazy NVDA moves after ER announcements, this will definitely be on the top of my watchlist this week.
KEY LEVELS:
323 - Bearish candle , lots of sellers , and a failed breakout on a gap up. Would be an upsie target to keep in mind.
306.57 - Upside gap , hass had now 3 touches and a rejection , would likely be looking for a break to the upside on the next test, and any price action hold over 307 would very quickly lad to all time highs,especially if it's right after earnings.
295.23 - Throughout last week buyers were stepping in on the smaller time frame around that 295 zone , plus we had a double day hold over on the last 2 days to end that week. WOuld like to use that as an early week pivot for trades , long over , while looking for a potential pullback on a hold under.
272.29 - Next support on the downside, or the most expected support off the breakup candle , again doesn't mean we come all the way down here or can't bounce earlier , but would be very interested in being a potential buyer down here.
3. TARGET ($TGT)
$TGT - DAILY UNTIL 11/12
Target has formed a nice consolidation as well these past few trading weeks, let's see which way we end up breaking out, will it b over 262 to new highs , or back under 250 to get into that 245 support.
KEY LEVELS:
264.55- If we do clear the upside zone , next stop would likely be around here , it was the highest daily open and not to far from. the all time highs. I wouldn't necessarily be interested in shorting this level , especially if there is a multi hourly hold over 262 , but more of just use it as an upside target.
261.4- The resistance of the current upside channel for TGT , lots of sellers continue to step in off mid 261, if we break and hold we can get a nice $2-3 pop , meanwhile if we can't get momentum over ,staying under can provide short opportunities.
251.61- The support of the current channel TGT is in, since we are in an up trend i would prefer to be a buyer off this support zone. Break here would flip the short term trend to the downside , and could open the gate down into 245-247 range. While holding support would add some buyers to help facilitate a beak to the upside.
244.95 - Next downside support if that 251 breaks , it's a breakup candle that broke over former resistance , and should now have buyers sitting around it.
4. LOWES ($LOW)
$LOWS- DAILY UNTIL 11/12
LOW has had a bit of consolidation going on as well these past few trading weeks. Let's see if the buyer momentum continues past earnings.
KEY LEVELS:
237.78 - Highest daily close, haven't had much price action done around this value yet , so I prefer to use this more as an upside target instead of a short zone for the time being. If we can get sharp rejections or base under it for a while/few days , then the plan will change.
230.78 - Most recent support , just visited last week with a multi-day hold . WIll use this as the key pivot early in the week , if we gap down after earnings , as long as buyers can hold 230 early on , will prefer to be a buyer.
228.55 - Next downside support under 230.78 , if we see a bounce from here back over 231 , favor long , but if we see a bounce into a rejection under 230.78 we could be flipping to a potential short term downtrend.
DOWNSIDE - We have a breakup candle all the way down at 218.4 , but every other candle on the way up was technically a breakup candle to new highs as well , so although I would favor the buy on a move all the way down to 219 , it's very likely buyers step in early off the open of any of those other green candles. Need a little more price action in this zone to see which level creates the most volume.
5. LUCID GROUP INC ($LCID)
LCID - DAILY UNTIL 11/8
Lucid has been a fan favorite of late. Let's see if this earnings on 11/15 can add fuel to the fire , or if it will kill momentum and send us crashing back to the downside. Personally over 36 would still like longs , but if we can hold higher that even better.
KEY LEVELS:
50.3 - 50 was very important on our last move up , plus its a nice round number , so if we see a gap up after earnings , watch out for 50, as sellers are likely located there. Clearing 50 can create a vacuum back into 55.
47.48 - Mid 47 was our last pivot , most recent pivot rejection , on the upside would be looking at this at least for an initial target. Holding back over create momentum to get towards 50 again.
39.99 - Basically around 40 , after the breakup last week , we had a retarce , and hold of buyers at 40 before heading back up. Over 41.5 is better , but over 40 can still be intact for upside.
35.64 - Would be my "best" downside pivot if I want to stay long. Back under can open downside towards 34 and then maybe even back to the breakup at 28.
EXTRAS:
$SNOW - SNOW has been on a train run to the upside after breaking that 325 pivot level , every week has been green and it doesn't look like it wants to stop anytime soon .. We are inching closer to all time highs, and just last week we broke the 373 pivot level. Now as long as we can hold there , I would like to be long on pullbacks until we get into that 393 level which is likely to see some selling.
$U - U exploded last week after earnings , and closed at all time highs. 179-180 seems to be where buyers have built there base , and i would prefer to be long on pullback until that breaks. If we break to the downside , under 180 can build momentum for sellers.
$RBLX - Also on fire from last week , we ended the week with a huge up day off 94 support. With the strong close , I would like to see any pullback hold over 103 , to continue the upside momentum.
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That's it for this week's list, if you have any questions don't hesitate to contact us or drop them below. These are just a few stocks im keeping my eye on this week, and as always, do your own due diligence and realize that their will always be risks associated with trading !
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