Hello, and welcome to another weekly watchlist by True Trade. Hope you all had a fantastic weekend, and are ready for the upcoming trading week !
If you haven't already take a look at : https://www.truetradellc.com/post/market-outlook-3-22-3-26 , 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.
(ALL TIME IS BASED ON PST)
As of 8:00 PM PST , /ES futures had an early rejection off resistance at open, while revising them and rejecting again.
/ES - HOURLY UNTIL 8:00 PM
We are holding under the level for now, so I am still inclined with my short side thesis. While /YM is sitting down -70 points just above its 32356 support. On the other hand /NQ is up about 50 points revisiting its 12933 resistance. Still a bit hard to say which way we head, but if we open under the /NQ and /ES resistance , I will continue to look for short trades at open. If we open over I'll keep in mind the price action and look to eye how we do around that 3923 level. As always remain unbiased, and let price tell you what's the best trade to take!
Again if you haven't check out the market outlook post : https://www.truetradellc.com/post/market-outlook-3-22-3-26
(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)
As usual, Tesla finds itself back on the list, yes it moves a lot making it a fun stock to trade, but it also broke its recent support. If we get a down move in this upcoming week, $TSLA will have quite a few actionable trades.
TSLA - DAILY UNTIL 3/19
All week TSLA was trading above and holding that 660 support, until breaking and closing under it on 3/18 which lead to further downside. It visited the upper end resistance a few times, rejection around 700 each time. For the week to follow 660 will be the line in the sand for me on upside or downside. If we continue to hold under 660, i expect another move down, while if we can get back over, its possible to revisit 685. Off 3/19's price action we did hold that 626 support, so let's see how we do early in the week.
KEY LEVELS TO WATCH:
670/685 - If we pop the 660 area early in the week, it's possible we see some upside towards 670 , maybe to 685, if we get anywhere past those, it is more likely that the downside scenario has failed. 660.62 - Staying under this level, is the best case for continued downside, and the one that I favor, as long as hourly and daily candles continue to stay under this zone , we should revisit some crucial downside supports.
626.06 - We visited this already on 3/19, more likely to break on the next visit, could be a profit taking location.
600.55 - Next stop on the downside, could see some buying here , before making its way towards 540, where there is a 95% of buyers stepping in.
2. BOEING ($BA)
With the DOW getting back under its most recent support, and $BA starting to reject, I will continue to keep my eyes on this one for the week to follow. If we see continued weakness, expect a bit more of a pullback before the bounce.
$BA - DAILY UNTIL 3/19
Boeing began its downward ascend last week, and closed the week sitting just at support. If we get an early week break under 253, it's highly likely we visit 245 sometime in the week. 265 stepped in with sellers, and we just based all week between that 265-253, should be a fun one to keep our eyes on.
KEY LEVELS TO WATCH: 260.37 - Looks to be the most recent resistance under the crucial 265.63 level. If we get a pop early in the week, look to short this area.
252- 253.86 - The upper 253 level is the key level for now. As seen above every single daily close has so far held above this level, every hourly close as also been above the level. Once we get that break under , we can make our way back towards 245
248.77 - Not sure how we will react at this level yet as we haven't visited since the up gap, but a nice intermediate profit taking level on the downside.
245.34 - Should see a bounce off the level ,was the close of our 3/10 breakup candle, a good spot to look for a long trade, but if it doesn't happen here, the 238 level will definitely be a good spot to long for a long trade.
238 - Haven't visited this level since the breakout on 3/10 , another level that has a very high probability of buyers stepping in, would definitely look to go long here, even if it's only for an intraday bounce.
3. SQUARE ($SQ) Similar to Tesle, Square has been a very nice mover , and a great one to play within these recent market moves. It also broke back under a support it based at all week, and should see some continued downside as well.
$SQ - DAILY UNTIL 3/19
Square had similar price action to tesla, had a nice base going all week over 231 before breaking on 3/18 and heading lower in the day to follow. If Square remains under the 231 area, it is likely we see 215, if not 200 once again. We visited the breakdown area off 256 early in the week and held lower around 252, giving a good sign to go short. Now we can continue to ride the way lower in the week to follow.
KEY LEVELS TO WATCH:
231.62 - This will be the over under level for the week, if we stay under, downside is more likely, while if we get over, we could revisit eh around 237. Holding under and we get our continued down move.
225.09 - We closed under a support on 3/19, under 225, now it may not be as likely that we pop back to 231 , but if we stay under 225 to open the week, you can look to short here as well.
215.37 - The first area i'd expect some buyers to step in but not really a huge buy zone. Similarly this could be a nice profit taking location.
200.11 - This is where we can look for an intraday long trade, and if we don't see buyers here there's a high chance they give us some action around 191.66
4. FACEBOOK ($FB)
Next we have Facebook, which didn't seem to have any effect by that end of week maret pullback. If we do head back to the upside next week , $FB can offer some nice trades, and even if we head lower, $FB is starting to find its way towards some resistance very soon.
$FB - DAILY UNTIL 3/19
Facebook went on a tear last week, gapping over its 273 resistance and finding its way back into 295. I expect some pullback on market rejection this week, but when those indices get to support, I'll be keep an eye on facebook to take some long trades (ex: if nasdaq and fb both get to support, taking a FB long trade would be beautiful). Since it has been relatively stronger, i'll be watching it for those bounce plays or continuation if market gets goin back up.
KEY LEVELS TO WATCH:
294.68 - Pretty heavy sell zone , should see sellers step in on any immediate moves to the level.
287.52 - This level was broken on 3/19 , now let's see if we see a continued hold to open on 3/22, if we get back under here we can see an early week sell back towards 282.05.
282.05 - This can be an intermediate support level, it's not on the chart, but there was some hourly action around this zone.
273.69 -276.05 - This was our breakout zone, and anywhere from that 274 to 276.05, buyers will look to step in, so that's where I would keep my eyes for a long side trade. I utilize both levels because 274 was the gap close on 3/15 while 276 was the opening price on 3/16 which held the days to follow.
5. DISNEY ($DIS)
Last but not least, we have Disney. Fresh off making some new all time highs, we started to see some selling this past week. I'd keep my eyes on this one for bounce plays at market support, and look for some downside in the early week to follow.
Disney broke key support around 194 early this week, and slowly fizzled down to the next level. For the week to follow , due to the slow fizzle lower, i do expect some more downside to come. We tried to break back over 194 a few times, but each attempt became successful as we failed to hold or rejected. Tht 194 will be the key if upside it to continue, while 190 break on the downside could send us back towards 182. Overall Disney has been looking stronger compared to other names, but signs of sellers are starting to present themselves. I'd look to go long off support on this one especially if we see 182.
KEY LEVELS TO WATCH:
194.51 - The most recent upside resistance, has already been tested a few times since the breakdown aad failed, so should hold under, if we get back and hold over the downside case would be invalid.
189.99 - The current most support, we held this level all week as well, if we get under here, the downside case become stronger, and we could see a quick more to 187, if not 182.
181.72 - The big line in the sand, as long as this level holds, DIS looks great on the bigger picture, and if we do visit this area next week, I will 100% be looking to take a long trade, if even its only for an intraday bounce!
( 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 😯)
A few of these stocks are repeats from last few weeks but as usually i always try to give the plays with the cleanest moves/highest probabilities, and like the week's before, these are what look the best to me, especially with how free flowing TSLA's and SQ's movements are.
A few extras:
ROKU - 342 , iff we get back under here, look for a down move back towards 320. We tried to hold over on 3/19 , and we did, but getting a break back under again would not be good. On the upside 361 would be the best resistance.
AAPL - 121.4 is the most recent resistance , with 119 being the closest 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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Hope you all have a wonderful rest of your weekend, and a great upcoming week :)
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