Market Watchlist 2/8 - 2/12
Good evening everyone, hope everyone's having an amazing weekend , and hope you're all excited for this upcoming trading week ! To get you guys started off on the right foot, here are some of the best setups that I have my eye on for the upcoming week.
(for all trades below I mention level hold, stop loss, etc, I'm using daily or hourly closes for stop losses or holds)
1. AMAZON ($AMZN)
Amazon has a very nice earnings blowout , almost beating expectations by 2x. At the same time their founder Jeff Bezos stepped down from his chief executive position, creating some mixed feelings after earnings. Despite that , the setup for Amazon to go in this coming week is 100% there.
$AMZN = HOURLY UNTIL 2/5
As seen above , after the initial selloff post earnings on 2/3 , amazon was able to find support off that 3292 area. Once we held we got a solid move back to the upside, coming back into the 3363 key zone. In this upcoming week if we either gap over 3363 at open , or even retrace and hold 3330 (the blue line, range break on 2/5) we can see 3430 and potentially 3500 shortly thereafter.
Key levels to watch: 3230 support , and then 3363 and 3430 resistances.
2. THE TRADE DESK ($TTD)
Trade Desk , one that we had on our list 2 weeks ago , finally got the break we were looking for ! Sometimes things just take time haha.
$TTD - DAILY UNTIL 2/5
As seen above we broke over that key 840 area ON 2/3 (and AS discussed in the last blog, we just started to consolidate). As long as that 840 continues to hold , $TTD is just looking to head higher. If we can break that 872, we can see 920 sometime this week. You can take a long trade with 840 as stop, or even look to take a long trade on break and hold over 872.
Key levels to watch: 840 most important support, while 872 and 901 would be the next two targets.
3. SQUARE ($SQ)
Square has had some solid upside this past week, especially after Paypal's earnings beat. Even with that in mind, Square is looking to keep on pushing.
$SQ - DAILY CHART UNTIL 2/5
We broke back over the former pivot breakdown off 234 on a gap up 2/4 , and since then we have continued to grind higher. If we take a closer look at Square, we can see a nice break consolidation pattern , where it consolidates, makes a push higher then consolidates again.
$SQ - HOURLY UNTIL 2/5
As seen above , after the gap up from 2/4 we pushed into a resistance and then just consolidated the next day. After the consolidation we pushed higher into close, and closed over the level. In this upcoming week if we can continue holding 234 and then break 241 we can make a push to higher highs. If we hold higher off 237 or 239, two long trades can be taken off that as well.
Key levels to watch for Square are 231 and 234 for support, while 241.58 and 244.35 as upside resistance.
4. MODERNA ($MRNA)
Modena was another stock on our watchlist two weeks ago, and it rejected the 177.6 level last time around , lets see whats in store this week.
$MRNA - DAILY UNTIL 2/5
We sold off from the key zone from 177, and then revisited the prior breakout area from 147. The buy momentum off that zone is looking good and this time around we are looking for the break and go.
$MRNA - HOURLY UNTIL 2/5
As seen above , we continued to break and base , and then held 170 again this time around (the grey zone). As we held and pushed higher we saw ourselves back at that 177.6 level. If we gap over that level to open the week and hold, that's one spot to go long. We can also look to be long off 170 with the stop under. On the other hand if we continue to look strong, buyers can hold off higher around 175.
Key levels to watch would remain 170 as support with 177.6 being the key resistance.
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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Hope you all have a wonderful rest of your weekend, and a great upcoming week :)
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