Market Watchlist 12/20 - 12/24
Hello everyone and welcome to another weekly watchlist post by True Trade.
Market did some crazy stuff last week , from taking off after the fed announcement to giving it right back the day after. We are coming towards the end of the year , where most traders are looking for a "santa claus rally" , but will this rally occur this year . Historically is has , but in short no one knows.
So stay unbiased and , and trade the trend and setups 😁
(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. HOME DEPOT INC ($HD)
$HD - DAILY UNTIL 12/17
HD had seen a lot of buying around that 398-400 zone before breaking it to end last week. Once we broke , volume came in , and the trading range increased. Should see a few days with some good price action for HD in the upcoming week. Coming close to support , lets see if it holds.
KEY LEVELS:
398 - This was another breakup candle which we just broke to end last week. Buyers had held for 3 trading day last week before flushing under it to end the week. Retest into this zone should provide short attempt , while breaking and holding back over 398/400 opens the gate to retest 404 and 407-408.
390-391 - We had an hourly consolidation zone here back from 11/16-11/17. When we broke here to end last week on the 17th , this also became a consolidation zone once again. Can be used as an intraday pivot , long over targeting 394 , 398 , while short under targeting 388 and then 382.
382 - Breakup candle , likely to act as support on the first visit , at least on an intraday basis. Gets under here and we could be looking for a gap fill under 373. Hold here is an ideal buy opportunity. Under this and we can get going towards that unfilled gap under 373.
2. ROKU ($ROKU)
$ROKU - DAILY UNTIL 12/17
ROKU was one of the handful of names that shot up to end last week in relation to most of the market heading to the downside. It looks like we could be in store for a potential reversal off the low we just made , but would need a bit more information to see if it sustains. Ideally if we see any pullbacks we would need to maintain a higher hold , anything back under 200 is not good and would show buyers have failed to flip us.
KEY LEVELS:
264.15 - A breakdown candle from November , and it acted as a valid zone on our last spike , as this is where we rejected before making a new low. Good level to keep a eye on if we get some momentum going to the upside.
236.6 - Key pivot back from mid November. We had a breakover it with the partnership news with google , but rejected the very next day and found ourselves making new lows. If we can recapture this level next week , buyers can start taking control again , while if we reject , sellers still have control. Will be a very crucial pivot next week.
210.16 - Had 2 day buyers here to end last week before taking off on upside . looks like 210 will have some demand if we head back down , anything back under and that opens the gates for 200.
201.39 - Would be important on a pullback , if buyers can hold 200 + , they will start building demand to help reverse us to the upside , under 200 is not good ad lower prices will likely come.
MAIN LEVELS: 236.6 and 264.15.
3. CROWDSTRIKE ($CRWD)
$CRWD - DAILY UNtil 12/17
CRWD has been building up some demand over 195 for about 2 + trading weeks now, as a result we can look to be buyers off this zone , and even look for a potential reversal if we can start getting higher holds. Getting under would break demand and open us up for new lows , back towards low 180's.
KEY LEVELS:
235.72 - Next key upside zone if 223 breaks. We had zone sideways movement here before dropping lower back in late November. Seller are likely to step in here again.
221-223 ish - If buyers can take control again over 213, their is a breakdown candle in the mid 221 zone , while mid 222 was prior support. Basically if we hold 213 , would be looking for a continuation move into 221-223 as the first ideal target.
212.84 - Breakdown candle from earlier this month , we have tested it now 2 times , and both times , we saw hard rejections back to the bottom of the zone. If buyers can break us over the zone , they can start taking control again , but until they do break it , it's a good spot to stay short.
194.71 - Key demand , looking to be a continued buyer off this support. If buyers can't hold here and start breaking 190 , it will get ugly , but if they keep holding we can get the necessary momentum needed to break over 213.
4. NVIDIA ($NVDA)
$NVDA - DAILY UNTIL 12/17
NVDA saw a nice bounce off 272 initially , but even that lead to pretty strong rejection. It followed SPY and QQQ for the most part , seeing a intense rally after the FED , into a reversal back down. Could we be setting up for a larger trend change if 272 breaks , it looks possible , as we have started basing lower on bounces recently.
KEY LEVELS:
304.18 - I know this level is a bit far up there on the top side but if say 290 recaptures , this is next as it is a breakdown candle that was respected. Over this zone comes 310-311 pretty quickly.
288 ISH - Between 288-289 there has been an intra-day bull bear battle (visible on the hourly) , buyers were holding under on 12/14-1/15 before exploding to the upside , and then when we got back under the zone on 12/17 they were unable to break back to the upside.
272.29 - The key bull level for the week. If buyers can hold 272 , I would rather be bullish , where as if we break , downside looks much more favorable.
262ISH - Under 272 , there is an unfilled gap at 265.98 , but then there is also hourly consolidation off 262-263 which is where I would look for at the next key area or target. Wouldn't look to play a reversal here unless there is consecutive hourly holds.
250.01 - Daily breakup candle is here. Don't know how likely it would be fo this zone to get tested. But if the market really does flip to the downside, it would not be that far fetched. Would definitely be an interested buyer at 250 or 240 seeing which one holds in real time.
5. MICROSOFT ($MSFT)
$MSFT DAILY UNTIL - 12/17
Back on the board from last week. MSFT revisited the 316 buy zone , and did see buyer's , but now we want to see if they can sustain the pressure and get us going back over 324. Under it would not be good as this was a key support all last week with 3 touches before breaking under to close last week.
KEY LEVELS:
334.97 - Key zone from last week as well , as this was the open of a breakup candle on 12/10 , we gapped under this level to start trading on 12/14 , and have yet to get back over. We tried to break 335 on 12/16 but sellers came ins trong and pushed us to the lower end of the range again. Key zone to watch if we get goin back over 324.
323.95 - 324 is a key pivot , as seen we had 4/5 days hitting it last week , with Tuesday- Thursday holding over , and then Friday holding under. Bull/bear level for the week , at least on an intra day basis , over can get long , under can get short back down into 320 , 316. If we base under this level for a few days , momentum can be getting build to try and break 316. Meanwhile if we get back over , back towards 335 we go (gradually that is).
316.07 - Dips into this breakup candle are a buy until their not. Which means as long as 316 doesn't break you can be a buyer. Once it breaks the gates open up for that unfilled gap under 310.
EXTRAS:
TTD - Solid breakup candle support off 84.3 , can continue to be a buyer until this breaks. On the upside if we can recapture 94 we can get going back towards 97 and 100.
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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