Market Watchlist 11/22 - 11/26

Hello everyone and welcome to another weekly watchlist from True Trade !


This upcoming week will be a short one with the market being closed Thursday and the being hope for shorter hours on Friday. With that in mind , i do not expect a whole lot of market movement, apart from a few earnings occurring early in the week , the volume will be taken out of the market , so it may be best to take a back seat or reduce size.

With that being said , let get started.


(ALL TIME IS BASED ON MST)


(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. ZOOM ($ZM)

$ZM - DAILY UNTIL 11/19


Zoom has been in a very very steady downtrend over the last few months. It's not looking very likely that this next earnings will reverse it, but let see. Only one on this week's list with earnings , so let's hope for some good volume.

KEY LEVELS:

290.34 - Breakdown zone + resistance, if earnings goes well , we would likely gravitate towards 290. We have that gap at 282 which could act as resistance , but a hold over 271 is likely to squeeze us back into 290's.

270.5 - As long as we are under this level , shorts are most favorable. If we can get back over 271 , buyers can look to take control again with some momentum back towards 282.

251.3 - Could act as support again. Was our pivot from October that led to a $40 rally. Ee flushed is about 2 weeks ago , but it was immediately recaptured. We closed last week leading right into 25. so will be watching it early in the week for a potential over/under level.

232.3 - Was a pivot level from last August. Not sure how we react there , but since we are around the 52 week low, going back a few ex6tra months to find some potential buy zones. Under 232 I have potential zones off 200 and 184 as well


2. FACEBOOK ($FB)

$FB - DAILY UNTIL 11/9


Facebook has been lagging out of big tech... but thats pretty normal for this stock, with it always being involved in lawsuits and whatnot. Facebook is looking to continue its grind upward off last weeks 335 pivot. On the upside holding 348 will be important if we want to really get going. We have looked to forming higher lows on the daily , so let's see if there is some follow through.

KEY LEVELS:

353.38 - Was a bounce pivot from back in September as ell, we have also tested this number around 2 times in the past weeks but sellers have come in hard. If buyers can build some momentum holding over 348 , we could be looking to break to the upside, but until then , any impulsive spikes into this zone can provide great short opportunities. Over this level the gate towards 360 looks wide open.

347.97 - 348 was a breakdown candle from last September. We have spiked it a couple of times in the past week's but have not been able to hold over it for an extended period of time. If buyers would like to take more prominent control , holding 348 will be key. If sellers come in early next week we could be looking to head back down into 340.

340.77 - 340 was a multiday hold before breaking on 11/18, but when recaptured on 11/19 , we had a nice vacum to the upside. If buyers can hold this on pullbacks we might just be building momentum to break 348. But if we get back under after rejecting , it will not be looking good for Facebook. Ideally if we want to break to the upside I wouldn't even want us to pullback here , would prefer a base over 344 as that was a POC, but let's see how we act early next week.


3. UNITY ($U)

$U - DAILY UNTIL 11/19


U has also been on a tear since earnings , making a new ATH shortly after and then even clearing that high last week. Sellers did seem to find it important to hold their ground off 207 , lets see if this recent sell can hold higher for a bse and continuation , or will buyers give up 188 and head back down. Maybe we just consolidate a bit to cooldown off these new all time highs.

KEY LEVELS:

207 - May not be as visible on the daily but can be seen a bit better on the hourly chart. That 205-207 zone is filled with sellers , as we failed to break and hold on 11/18 , and then continued back to the downside.

198 - Important intraday pivot , if buyers holding over I would prefer longs while if we are under , would favor shorts. Would obviously want to take trend of day into account , but until we can get back over buyer's won't have immediate control.

187.88 - Was out last pivot before making a new ath. Breaking under opens the door for a move towards 180 , which i would prefer as a better buy opportunity. But if buyers can hold , we would likely consolidate looking to get back over 198.

179.95 - The next breakup zone we had. Haven't re-tested since breakup , so if we do see it next week , likely to act as initial support, and provide a long trade opportunity.


4. SNOWFLAKE ($SNOW)

$SNOW - DAILY UNTIL 11/19


SNOW has been on one hell of a run since breaking that 325 resistance level. Seems to have been heading straight up ever since then. Last week was the first week in over months where we had 3 + red days for snow , and a slight possible pullback/ break of support. Will get follow thru to the downside or will buyers come in early on the week and consolidate us again.Even with a pullback I would prefer longs with the current trend.

KEY LEVELS:

406.99 - Back from the all time highs , we had a few instances of selling off 407 from those wicks, and with this recent run up , it seems that the 407 was respected once again. Breaking and holding here would open gates for new all time high.

393.4 - Was a breakdown candle back from the ATH's , we held it for a few trading days before closing slightly under to end last week. If sellers step in under early next week we can see a continued pullback into 376. If buyers come in early , a c consolidation to new highs can be under way.

385.5 - a breakup candle that hasn't been re-tested yet. Would want to watch price action on a pullback into this zone.

376.6 - Another breakup candle , will likely be the next support on a pullback. If we do follow thru to the downside , would like to look for long opportunities on a hold around here. if this fails then would be interested in 360 for longs as well.


5. SQUARE($SQ)

$SQ - DAILY UNTIL 11/19


SQ has been in a pretty decent downtrend as well since earnings. We find ourselves back at that 223 support , bUt with that weak close last week , will we break and head lower 👀. Current short term trend is down , so wouldn't be surprised seeing the break down which would provide a good short opportunity.

KEY LEVELS:

241.42 - Around 242 is the most recent resistance zone , had a down move , sideways day and continuation to the downside. Then last week we re-tested this zone and sellers held their ground pushing us even lower. On a move up this would be first priority to take out if we do want to flip this downtrend.

226.51 - Could act as an immediate pivot early in the week , if we hold under seller pressure could build to break down , if we get back over might get into more of a chop, consolidation state. Not to sure how this will act since it was just broken , but will be watching this early in the week.

223.01 - Multimonth support , but could be in jeopardy if we can't find a force full move up off it. If we break we could see a paypal type continuation to the downside , where buyers will become hesitant to step in. Line in the sand early next week , if the break occur ,definitely looking at shorts, but if we do hold and consolidate higher a few days , longs would look just as promising. For the long trade i would prefer to see a flush and recapture of the level where buyers initially give in , but then sellers step away and buyers pull forcefully pull back.

210.21 - If that 223 breaks , that 210 was the nxt consolidation zone where we rallied off , and that where I'd be looking at next for buying opportunities.


EXTRAS: $AAPL - Solid breakout to new highs to close out la week. I would prefer to see a puffback and base off 157, or 155 to get some demand build. Getting back under 155 would not be. agoos sign, at least in the short term, and could give sellers some of the momentum they need to head back to the downside.

$NVDA - We hit another ATH last week. 323 will be my pivot for the week , holding over prefer longs , while back under , would anticipate a pullback. A few other levels to watch on upside include 327 , if this holds it is a stronger uptrend. While on the downside 314 and 307 can act as support.


 

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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