Market Watchlist 3/1 - 3/5
Hello everyone , and welcome to another week of some fire picks and hot trades on the weekly watchlist !!!
Last week , we called out market weakness, and as predicted we got a nice pullback , taking us back to the lower range of support around 380 on $SPY (insight on last the last week selloff posted here: https://www.truetradellc.com/post/bear-market-stock-market-crash ) As stated in that post we were to discuss some which side had more potential based on the futures open. And as it stands right now (around 8 MST, the futures are up , and holding their prime support - posted in the article above, but they are still under their most recent rejection levels). So for the time being , look to go long over the designated areas, and utilize the upside "resistances" into support if we break and begin to hold. If we open on a gap down , just follow the plan above and the levels below and you will be set (don't hesitate to ask. questions , contacts posted below)
Last weeks list included: Top shorts on $AAPL and $TSLA which both had very nice pullbacks and did end up going lower than I had expected, but we played them well and capitalized on the plentiful opportunities to make money.
Now let's get into some tops picks for the week 👀👀👀
(for all trades below I mention level hold, stop loss, etc, I'm using daily or hourly closes for stop losses or holds)
1. PLUG POWER INC ($PLUG)
Plug Power had earnings report last week , and despite having a selloff after the report, buyers continued to hold support off around 43.6 and founds its way back up on 2/26.
$PLUG - DAILY UNTIL 2/26
After the initial sell off from the break under 62 on 2/16 , we started to bottom basically right after earnings on 2/25 where we held a higher low. On the 26th we broke back over the 47.29 key area and began to base looking to clear 50 , once we clear that again , the short term trend will effectively flip back to the upside.
$PLUG - HOURLY UNTIL 2/26
As seen in the hourly chart above , upon the initial down move we fell to 50, got bought back to 56, and then sold off all the way down to 37. After that we got bought back up to 50 , the sold off to 43, where we held a higher low. To complete the pattern if we break the last "high" off 50 and begin to hold we can make our way back towards 56, 59 and 62. We already started to consolidated higher off 47 , and now as long as that holds and we make our upside push , PLUG will have some nice upside continuation.
Key levels to watch : 43.6 - breaks back under here , the long play will be void
47.29 - most recent support, best case hold
50.23 - closest upside resistance , should break this time around
56.23/59 - upside targets
62.3 - heavy sell pressure, very unlikely we break here the first time around.
2. PALANTIR TECHNOLOGIES INC ($PLTR)
Palantir has seen quite a step pullback , almost close to 50% from the all time highs at 45. With that in mind , I do really like this company even as a potential long term investment, or even a longer term swing.
$PLTR - DAILY UNTIL 2/26
After revisiting the lows from its last breakout (from 1/4 - 1/27 around 22.5) this past week , $PLTR looks like it's starting to get set once again to make an up move.
$PLTR - HOURLY UNTIL 2/26
After pushing lower to open on 2/26 , $PLTR found buyers off the 22.5 and then began to flag into end of day. If we get back over 24.5 to open on 3/1 , $PLTR should quickly find its way back into 27. Getting back over that will send us to 30-31 range which will have sellers awaiting , as that was the most recent breakdown location.
Key levels to watch :
22.51 - Key support, getting back under this makes long trade invalid
24.6 - will be intermediate level if we gap over on 3/1
27 - 1st upside target level , has potential to offer a short play.
30-31 - this will most likely not break on the first attempt, can offer a short play , also upside profit target
3. HOME DEPOT ($HD)
Home Depot was another great one that. looks to be leveling off after last weeks extended sell.
This is usually a lower volume mover, so it may be a better bet going a little further out option expirations , or taking it as a planned swing trade.
$HD - DAILY UNTIL 2/26
The short term trend is still down , but if buyers continue to hold 254 and make a push back over 261 , we can find ourselves back towards 268 - 270 shortly after.
$HD - DAILY UNTIL 2/26
As of now 260 seems to remain the kay , as sellers continue to step in their. This level can be shorted as well if weakness continues. Meanwhile 254 has continued to see buying , it's possible that we even range between these two for a while, so just keep your eye out , and play the consolidation range or wait for a break to trade it.
Key levels: 254.45 - The most recent support , if we break here we can head into 247 - 248
260.17 - The most current area with sellers, getting back over would be best case for bulls
270 - The gap down area , should see sellers here when visited again
4. NETFLIX ($NFLX)
Despite last weeks selloff, Netflix reamined pretty sideways , it had decent movement but is closed the week almost flat.
$NFLX - DAILY UNTIL 2/26
Last week we revisited the 557 breakdown area a few times and saw a decent sell. In this upcoming week if we can continue to hold 532 or higher , we will look to revisit the 557 level again and this time probably break heading towards 567. On the other hand if we break back under with a weaker market we probably head back towards the lows from 2/23.
Key levels:
511.19 - As long as we remain over , look to take long trades
532.29 - The most current support 557.28 - Most recent sell zone , getting back over that and we will slowly push back towards the highs
5. ENPHASE ENERGY ($ENPH)
After the drastic sell last week, this was another one that began to bottom off pretty nicely.
$ENPH - DAILY UNTIL 2/26
After the sell off we visited a very important breaku area, and buyer retook control, After that we began to hold the 160 zone and are starting to form a flaggish pattern looking to break and make a push back towards at least 193.5
Key Levels: - 160.46 - The strong buy/support
- 182.81 - the recent breakdown level , was tested once , rejected , but looks like momentum is being built for the break this time around.
-193.5 - Should be tested sometime this upcoming week, should see sellers , and also a nice profit target
Notable Options: (some from prior watchlists) (there are so many great picks for the week 👀) $DIS - Continued to hold 182 support , made new highs
$AAPL - At the bigger 121 support mentioned last week , look to buy on hold 121-119 , then 124.37 , 126
$TTD - 740 support visited, next stop 840
( remember the numbers given in watchlist can remain valid later in time , so keep them in mind, and don't hesitate to drop us any questions. Furthermore, go back check out our prior watchlists, see if you see anything at a key level to take for the next week 😯)
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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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