Market Watchlist 3/28 - 4/1
Hello everyone and welcome to another weekly watchlist by True Trade
We will switch things up a bit this week , most people have been looking at big names for the past few week's , myself included. Most of them have already seen some decent rallies off our most recent lows , having that in mind , I would like to spot a few names that haven't rallied as aggressively yet , so we could get some better r/r trades.
I would also like to keep in mind , that volatility as been taking quite a beating (VIX) over the last 2 weeks , and we have started to see a bit more choppy action on many names , this is important to keep in mind , especially with options trading , cause all chop does it , eat away at our premiums.
(ALL TIME IS BASED ON PST)
(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 !).
Levels are meant to be used as trade levels , not necessarily buy and hold levels !
1. $SPY (S&P 500)
$SPY - DAILY UNTIL 3/25
We will keep SPY on the board for this week , even with a decrease in volatility , just in case we do end up seeing some sort of reversal. For the most part , we gradually grind up last week , there was a bit more chop than usual , especially on the 25th, so with that in mind , will keep both intraday zones and larger pivot zones in mind.
KEY LEVELS:
458.13 - We doubled topped at this zone last time before heading down into 410. Should see a rejection here , at least on an initial move , so would plan to be short into this zone. If we break it on the initial move , it should set us up for another squeeze to the upside.
452.97 - Basically 453 , if we look on the left side of the chart , we see that their were quite a few touches and rejections off this zone , and also , that if we were over (for 2 days) , buyers had control. It was also where we rejected on Friday (3/25). Would like to keep a close eye on this zone in the following week , especially early in the week.
(450.49 and 451.34) - both these levels were being respected on 3/25 on the smaller time frame (visible well on a 5 minute chart) The 450.4 level was from the open gap on 3/24 , and the 451.3 level was from the top of the breakdown candle back in FEB.
449.14 - The breakdown candle from the initial move down. We did see some selling here early in the week , but that was nothing more than just a pullback to break higher. If we get back and stay under here , would start to look for possible short opportunities again down into 446.91 , 443.21 , 441 (the first 2 are some intraday zones that were respected last week).
440.17 - We held 441 on the initial pullback last week , which was normal , as we had a breakout off 441 , and buyers held on the retest. If this level gives up next week , things can start getting a bit more "bearish" and we could see a quick move down into mid 437.
2. $U (UNITY)
$U - DAILY CHART UNTIL 3/25
Unity is coming off a nice bounce along with the rest of the market. Off this bounce , it also looks to be forming the potential low. The best confirmation of the low would be holding above that 90 area on pullbacks or just making a "higher high" on any given pullback , at max coming into 80 (but by then we would have to re - analyze the situation). We have held sideways for the last few trading days , putting in a potential bull flag , which we will be looking to use for trade opportunities this upcoming week.
KEY LEVELS:
103-104 ish - Mid 103 level , over 101 , there was a multi-day battle going on around mid 103 zone. If we pop 101 , would just like to use mid 103 as another potential target area. Over that would put more focus on 108-109 , where the breakdown candle comes in.
100.93 - The top of last weeks range, had a pretty hard rejection from their dropping $5 + the same and following day. We fell right back into support off that rejection , would be interesting to see if thats what we needed to load up before trying to break thru the top side.
92 - The support level for the past few trading days. Also the base of the bull flag. Would look to be a buyer until the 92 gives in . If the level gives in , could look for a quick short down into 90 as well. If we hold would look for a move back into 95.5 , back over that can target the top of the range again.
89.98 - Former breakdown candle turned support. If we give p the 92 support level next week , would still be an interested buyer if 90 starts to hold. Getting under 90 would lead to some re-analysis , and can open a gate on the downside into 88 and 86.
3. TWLO ($TWILIO)
$TWLO - DAILY UNTIL 3/25
TWLO , looks pretty similar to the U setup.We had a nice low , and if we are able to stay higher on pullbacks we could be looking for a nice rally back into the upside. Pullbacks into, and holding 150 , would be the best case , where as a pullback under 142 would lead to a re-evaluation. This looks close to a bull flag setup as well , if we can hold that 150 , watch out for the upside.
KEY LEVELS:
165.81 - A breakdown candle , and also the high range for last week. Would treat as resistance and short opportunity until it breaks. Getting over this can produce a quick forceful move into 170+.
163.14 - Not as important as the 166 level above , but this was the highest daily close in this current range from 3/22 , and it did act as resistance on an early rejection on 3/25. Holding over could be an initial sign that we are prepping to break to the upside , but other than that , would just use this as a profit target location on both sides.
155-156 ish - For the most part , we held above mid 155 for almost every trading day last week , this is a lower volume stock so we could've just spiked the zone on Friday , but would like to just keep the level in mind.
150 - Place more importance on this level as support than that 155-6 zone. This was a former breakdown level earlier this month , and then it turned to a breakup level a few days ago. 150 has definitely been an important pivot these last few weeks , and if buyers can hold here , I would favor a move towards the upside. (under 150 , would keep an eye out for 143-144 area).
4. $TTD (TRADE DESK)
$ TTD - DAILY UNTIL 3/25
This is going to sound repetitive , but here , we have another bull flag setup. We had a slight dip under that 65 area on Friday , but recaptured it by close , if buyers can hold that 65 level , should see a move to the upside , if it gives in , we can look for a failure and a play to the downside.
KEY LEVELS:
69.67 - This level was at the top of last week's range, we spiked it once , and a few days we rejected earlier , but for the most part 70 was the important upside level. It was formerly a very bullish candle (seen on the right) , that helps show that buyers were present off that zone , and since we are under it , it has acted as resistance.
68.81 - This was the highest daily close we had last week , we could make the 69-70 area as an important zone, lookin to for shorts under , while looking for 70 to break and hold for a breakout trade. Would place more respect on 70 if you are to try a breakout trade, but a continued hold over 69 could be the first sign of a potential breakout up.
64.78 - Call it 65 , if we can hold over 65 this upcoming week , I would look to be a continued buyer, where if we can't , we could look for a break back to the downside. Under 65 , we could first look to target the low from 3/25 , and under that a move back towards 60 isn't out of the equation. If we hold , which I favor , would look to target a move back towards the top of the range just under 70.
60.31 - If we give up the bull flag patten and the low from 3/25 , the next zone where their has been proven buyers was around 60. It was a former bounce level and we had a breakup over that level a few weeks ago. This would be the next downside level if we break that way.
5. $MU (MICRON TECH INC)
$MU - DAILY UNTIL 3/25
MU has earnings coming up this week , and for that reason , I would like to keep an eye on it for trade opportunities. This setup as well , looks like a nice bullish consolidation over 75.
KEY LEVELS:
80.51 - This level has been the higher end range over the last 2 weeks, we spiked over it briefly , but didn't hold , so would look to use 80 as an upside target and resistance zone. Over this level we have that breakdown candle at mid 81.
75 - This was a former pivot low back in late Jan , and then over this last week , we had multiple days holding over 75. Would look to use 75 as the key pivot for the upcoming week , as long as we hold over , look for buying opportunities.
73.11 - Under 75 , there is a small zone between73-74 , but their is also that open gap at 73. On a move down this is likely to be filled .
71.75 - Under that 73 level we had some consolidation occurring at 71.75 (from that reversal the next day, seen better on hourly). If we see a move back into here , would look to be a potential buyer initially. Breaks under here and we likely retest those lows from 3/14-31/5 , if not lower.
EXTRA: (Some fan favs as usual - ( other key levels can be found on last 2-3 watch lists) $NVDA - We got the breakout last week over 270 and 272, and from this is was pretty much just a rocket ride to the upside. For the upcoming week , keep a very close eye on 272 , if that gives in , we could come down hard. But if it holds , continue to look for dip buy opportunities. Key levels include 269.42, 272.5 , 283.79 .
$TSLA - Similar to NVDA we had one hell of a rocket ride over 950. We got close to the 1050 supply zone before rejecting back down. Key levels to watch next week include 952 ( I don't know if we come this far back down , if we do , this is where I will definitely look to be a buyer.) Apart from that their is mid 980's like 988 , and 1000 , and then 1041 -1049 on the upside.
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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