Market Watchlist 3/29 - 4/1
Hello everyone, and welcome to another post of True Trade's weekly watchlist ! As always, we hope you had a fantastic weekend, and are ready to have a killer week ahead in the market!
(I haven't uploaded the weekly outlook post yet, but i will have it up later tonight, those zones can be utilized to see if you would rather go long, or be short for some of these picks below.
(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)
1. TESLA ($TSLA)
As always, we find Tesla coming in on our list. As stated last week , the increased movement on Tesla allows for a variety of intraday + short term swing trades.
$TSLA - DAILY UNTIL 3/26
Last week we mentioned the key pivot being 660 (which was actually 662, accidently labeled the chart incorrectly) , but holding over was good for upside, while breaking down under was best for continued downside. Last week , we closed the daily on 3/19 under the 662, but ended up gaping over it on the weekend. On 3/22 we visited that breakdown candle (the candle that broke us back under on 662 , on 3/18), rejected and headed back down. We came into the 600 and 608 support zone to end the week, giving a few upside bounce plays, but will the momentum last. For the following week , if Tesla can remain under the 662 , shorts can keep their control. While around 600 buyers will continue to step in. It has failed to break the 715. breakdown pivot from its last bounce, and failed to hold the higher base off 662, it has some weakness, and we can still see a move back towards 540-560.
KEY LEVELS TO WATCH:
662.13 - As long as we remain under this area, I favor short side, we get back over , and We can visit 685 zone again. 646.24 - This was our initial down move from 3/19 , and once we broke back under on 3/24, sellers continued to step in under the level. On extended weakness, we can remain under 646, with the downside potential case looking stronger, and it's the one I still favor.
600.55 - 608.14 - The downside buy area for now, held the last 2 days, if we see some selling in the market this week, should look for a break to continue.
540.3 - 563 - 540 is the big buy zone, while 563 is the unfilled gap. For now I have more importance at 540, which will definitely be an intraday buy area. While 563 could see some buyers, a wait and watch scenario for that level.
2. BROADCOM ($AVGO)
Next we have Broadcom. The volume on this. isn't generally that high, but I like the setup for more of a short term swing trade.
$AVGO - DAILY UNTIL 3/26
Over the last few days, $AVGO has had a pretty big consolidation of about a $30 range. Even if we just continue to go sideways for a few more days, playing the range can be quite useful. If we get a break, especially to the upside, we will shortly see new all time highs.
KEY LEVELS TO WATCH:
483.59 - 489.96 - This is the short area, the 489 is the level break needed for explosion towards 500, while breaking 484 would be step 1. If we remain under 484, this would be the spot to look for shorts back towards around 475.
474.56 - Midterm level, plus a profit target for both the short and long side trades. Hold over and we visit the top range, while hold under and we. head back towards lower 450 range 454.25 - This is the buy level, until we have a daily close or hourly close and hold under this level, you want to be a buyer here.
3. ROKU ($ROKU)
Roku has been a hot one lately as well, and with last weeks break under 342 again, we had some nice moves.
$ROKU - DAILY UNTIL 3/26
After the rejection off 360 once again this past week, we continued our downtrend. After the break on 3/24 , breaking both 340 and 320 , we made our way to the next support zone off 306 and 293. In this following week, we should run a retest. of 340 , or atleast 327. That's where my 👀 will be to short.
KEY LEVELS TO WATCH:
341.95 - Since the breakdown on 3/24 we have not ran a test. It's possible we don't revisit if we look very weak, but as long as we stay under here, short side is favored.
320.8 - 327.19 - Most likely short side play, look for sellers around this zone , we based under 321 all day on 3/25 before breaking 3/26, wouldn't be surprised to see ourselves back their on continued bounce. Staying under 321 is best for move down , while if we get any intraday quick spikes, eye 327 to see if sellers step in.
306.13 - If we hold here intraday on any day this week , we can look for some long trade, although i do favor short side.
293.57 - Looks to be the bigger buy location for now
4. SQUARE ($SQ)
Similar to Tesla , we find Square back on the list as well. This was one of the easier ones to play last week with the 231 break, sideways consolidation , setting up as a bear flag. to head lower.
$SQ - DAILY UNTIL 3/26
This last week we got the expected break back towards 200 , buyers stepped in , and now it is time to see what is in store for the upcoming week. Initially , I would expect a revisit of 221 , if not 235 again. 235 will be my over under level. If we stay under I favor continued downside to come , while if we pop back over , the upside case is back in business.
KEY LEVELS TO WATCH:
231.61 - This was our breakdown area from 3/18 , we held under for a 4 day consolidation before breaking back lower. As long as we remain under, I favor downside to come.
221.27 - This level is our most recent breakdown level, as after the 4 day consolidation we broke on 3/24 , and have yet to revisit.
215.37 - This was a key level when we had our initial bounce, as it broke us back over our 3/5 breakdown candle. If we see increased selling ehre, the sign of continued weakness will be in our favor, looking to keep staying short.
198.08 - 201.87 - The most recent buy area , we visited the 202 the last 2 days, while 198 is still in question, if we break the 202, more likely than not we will get to 198 and look to continue breaking for around 188.
5. BAIDU ($BIDU)
Baidu saw a significant sell off this last week, and it was put to a halt with some massive buy volume coming in on 3/26.
$BIDU - DAILY UNTIL 3/26
Baidu has seen an near 50% drop off its highs in the last few week, is there more to come ? From the looks of it , buyers should continue to step in for a few days, and with the volume done at that 170 location , we should hold for at least a bit. I'd look to be long for a few days on this one , at least until 233.
KEY LEVELS TO WATCH:
239.16 - The gap on the break , might revisit and pop it , but looking for weakness around this area to remain short, if we pop the gap it's likely we revisit 254-260.
233.11 - After the gap and break under on 3/15, we have yet to run a retest of the level, should visit this sometime in the upcoming week, and there is a high probability that sellers will step in, especially if we get there in a quick manner.
185.5 - Ya we visited the level and broke under on 3/26, but we closed the day over the level, so for now as long as we remain over the level on a daily basis , buyers will step in.
Overall, there are quite a few divergences forming in the market, and intra-day price action can be very difficult for most new traders to read. If your not comfortable with the volatility, as always it's better to not take a trade than force a bad one, and with the increased intra day moves, don't get confused by the chop, and keep focuses on higher level closes, ideally the daily closes for "support/resistance". Keep your eye out for the market outlook post (should by up by 9 tonight),and if you have any questions don't hesitate to drop them below. Best way it to be in the group 😏.
( 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 😯)
https://www.truetradellc.com/blog/categories/watchlists
A Few Extras: SHOP - This one has been looking pretty weak over the last few weeks. 1019 is the support that's currently holding, but it. doesn't look like we will hold for much longer. If we get the break here , look for continued down move towards 990, and potentially 880. On the upside , until we clear 1190 , sell pressure will be present. Not likely we revisit 1190 this week, but we can look to short weakness off 1070-5.
AAPL - The 119 seems to be crucial once again , we tried to break all last week and failed. Stay long over , while I would look to be short if we get a break under. On the upside 123.75ish is resistance while 117 would be the next downside zone.
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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