Market Watchlist 3/15 - 3/19
Hello and welcome to another weekly watchlist by True Trade ! Hopefully you all had a great weekend, and are ready for the market this upcoming week.
If you haven't already take a look at : https://www.truetradellc.com/post/market-outlook-3-15-3-17 , as I highlight some key areas for the market , and where to watch for some buyers and sellers, and what to expect for the upcoming week.
As of 6:00 PM PST , futures are holding up , as /ES holds that key 3935 level , and it looks like we will end up with a slow grind back to new highs.
/ES - HOURLY UNTIL 6 PM PST
The market is back in bull camp, and as a result, here are some key levels , for stocks that are looking solid off last week's bounce, with potential to rip this upcoming week, or at least provide a multitude of trading opportunities.
(for all trades below I mention level hold, stop loss, etc, I'm using daily or hourly closes for stop losses or holds)
1. TESLA ($TSLA) -
Tesla, as usual another popular stock on the watchlist , with so much movement lately , it can continue to be a nice one for the weeks to follow.
$TSLA - Daily until 3/12
For the upcoming week , if TSLA can continue to hold 620 , we can make another push back towards 720, 735 or even the breakdown area around 773. This past week we had a massive up move on 3/9 sending us back to the breakdown area off 720. After we got there we pulled back and leveled off at 620 for the days to follow. For the following week , if we can continue to hold 660 for a few days are so we will have a nice move back towards at least 720.
Key Levels To Watch:
660 - As long as we hold this level , upside momentum will continue . If we break here long thesis would be invalid until further notice 👀
718.28 - This level will provide the first upside resistance, but since it would be the second visit, we should get a break to grind higher.
735- This area comes in shortly above. 718 , and was also already tested, if we break the 718 and base, blowing by 735 should a quick one.
762 - 777 - This range will be where sellers step in again . On the initial breakdown 2/2 , we gapped down opening at 762, while the key support was 777. Depending on how heavy buy or sell pressure is around 762 , we could see some selling , or a push back to 777 before rejecting back down.
2. SQUARE ($SQ) -
Square was another popular one off last week , and should see some nices moves in the week as well.
$SQ - Daily until 3/12
This past week Square looked very strong off that bounce, it held the 198 support and broke back over 228. For this upcoming week if we continue to hold that 228-231 we can get the continued up move. Similar to TESLA , we have an almost bull flag formation off that bounce, and are looking to continue up. 245 will be the area to break for now , as sellers have stepped in the past few days, but if we can get going , look out for a break and push back to 257.
Key Levels To Watch:
228.76. - 231.76 - On the downside this range should remain as crucial support. Getting back and holding under wouldn't be the best bull case for the weak, and could send us back towards 215
244.87 - This is the first upside resistance, tested a few times already , but has yet failed to break, If we can gap over this to open on 3/15, look to go long, or if we break early in the week.
3. WALMART ($WMT) -
Walmart was a stock that has started to rebound this last week. After the increased retail selloff , we had a solid start of what could become a reversal back to the upside.
$WMT - DAILY UNTIL 3/12
Retail in general had quite a drastic selloff, but prices began to level out, This past week we started to form a base, around 127 and then broke back over 130 giving us a good first sign to go long. For the following week , I would expect to see a move back towards 135 if not higher. 130 is the best support, as we haven't yet visited since the breakout, so look to buy on any dips back to this zone.
Key Levels To Watch:
129.92 - This number is the hold line for bulls, as long as we can remain over , buyers will pivot us shooting the trend back to the upward direction.
131.95 - This has become the intermediate level, if we can hold here for a few days we will get the needed momentum to get back towards 135
135.29 - This is the initial breakdown area, we can expect to see sellers here, if we clear here , the case is much stronger for continued upside
4. BOEING ($BA) -
Boeing , a stock apart of the DOW has seen a huge up move last week , of just over 20% from 223 to 269. The main reason this one is on the list is because when BA has massive moves, it usually moves nicely for a few days to follow, so ideally now I would be looking for a pullback to go long, or just keep riding continued breakouts. The increased volume should give us plentiful trade opportunities.
It's been awhile since BA has been in the post 250's , so we have to go further back to find some key upside levels. we broke out over 238, so that will remain our key level on the downside, looking to go long on any dips back there, although it's highly unlikely we come back there anytime this following week. Apart from that , i do think it is possible to revisit 245, if we get there that is another eye catching spot to go long, as we have not revisited it since the breakup. On the upside we could see some possible sellers off 275 or 289, but i would NOT be looking to short this one without a confirmation day. Play the trend , its a strong up trend, just look to buy the dips on retraces.
Key Levels to Watch:
238 - As long as this level holds , we are in bull camp for BA , it wa a very key resistance , and any retest of this zone should be bought back without any hesitation.
245.34 - Gap support made recently, no definite sign of buyers here yet , but keep eye on this one for a potential trade on the long side.
275.11 - Could potentially see some sellers here on the upside, don't look to go short , but instead as just a profit target zone.
289 - Another upside target , no telling how high we get on BA , but will keep it updated throughout the week.
(side note as of 9pm PST , /ES is back at 3935, again if we open under this area tomorrow , utilize the the supports to look for dip buys as long as /ES holds that 3898 support. Meanwhile if we open right at the level and look weak, we can utilize resistances to take some short trades, again always be flexible and agile and let the market tell you what is the best trade to take. )
( 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 😯)
Some other stocks to follow: $NVDA - 498 is good for support, while 515 is resistance
$ROKU - 342 s support while 361 and 369 are upside resistances
$SHOP - buyers are positioned at around 1092 while sellers step in off 1142 and 1154. If we break that. 1092 we could see a ugly move towards 1015
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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Hope you all have a wonderful rest of your weekend, and a great upcoming week :)
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