Market Watchlist 3/8 - 3/12
Good evening , welcome to another weekly watchlist by True Trade ! In last weeks list we discussed some stocks for continued potential downside, and this week will be a bit of the same , with a twist , in which I will also give you some levels for picks you guys asked about (via instagram polls).
If you haven't already , check out this post from earlier depicting some key market areas, and what to expect this upcoming week, https://www.truetradellc.com/post/market-outlook .
In terms of the mini update , as it currently seems , we are rejecting those first upside levels given on the indices.
Oh... will you look at that , the numbers work 😯.
So lets see where we open , if we open around that 3817 area , and buyers start to step in you can look to be long , but as of now , the short thesis is valid , and I will continue to look for shorts under that 3857 level , (If you want the levels for the DOW and NASDAQ check the link posted above for. super detailed review, with key market levels for the upcoming week).
(for all trades below I mention level hold, stop loss, etc, I'm using daily or hourly closes for stop losses or holds)
Now let the fun begin , and here are some top picks for the upcoming week + some fan favorites.
1. TESLA ($TSLA)
Tesla has been a great stock to trade lately.... i mean the whole market has been great to trade in general, but there have been some massive moves on this one , and it's a great stock to trade in this volatility, as long as you know where to take it.
$TSLA - DAILY UNTIL 3/5 (ignore upside wicks they are nonexistent)
We pointed out $TSLA a few weeks ago for relative weakness in the market, and its been a great short since. This past week we remained under the 735 level , and made a push under 662 on 3/3, setting us up for the big down move. After that poor close on 3/3 , we continued down until we got big buyers off that 540.
$TSLA - HOURLY UNTIL 3/5
In the hourly chart above , upon the break of 620 and 602 on 3/4 and 3/5, there was never a retest of that breakdown zone until end of day on 3/5. After buyers stepped back in off 540 , we pushed back up and closed the day under 602. Going into next week , if we can hold under 620 ... perhaps even under 602 we probably make a push back towards at least 568, if not back to 540, with more key areas posted in the daily chart above.
Key levels to watch:
620 - As long as we hold under this level we will look to continue lower
602 - Seems to be the line in the sand for now , might not even revisit 620 and instead just hold under 602 to head lower, definitely keep you eye on this one
568 - can be a relative intermediate zone , where we see a battle intraday for buyers or sellers.
540 - this is the big buy zone for now , we ran a test on 3/5 .... should hold for now , if we break we can get another massive dump.
503-500 and 486- highly unlikely we break 486 this week ... so keep that as the big support on downside.
2. APPLE ($AAPL) Apple was another downside leader mentioned with $TSLA a few weeks ago, and although the sell hasn't been as drastic, it has been pretty decent.
We popped that 126.6 level on 3/1 before flushing right back undr the next day. SO for now that remains one of our key uspdie factors. Then we have 123.75 which has been very key on a hourly time frame. Until we can get back over these two we will continue to push lower. Apple itself has seen some very heavy buyers stepping off 119 , where they daily candle continues to close above it, while 117 on the lower end has held as well. If market downside continues, i expect Apple starting to level out a bit closer to mid 112.
Key levels:
123.75 - The intermediate upside resistance, houlding hourly under is best for bers
119.05 - Getting a daily close or even 4hr close under this level would show very high weakness, and send us towards that 112 big area support 116.97 - Visited 3/5 , buyers their intraday for sure
112.37 - where we are likely to level off with buyers for a bit.
3. ROKU ($ROKU)
Next up we have another growth stock that was hit pretty hard this week ROKU ! If you recall a few weeks ago, I called for a big flush once 380 broke, and after that poor close on 3/3 under 380, that is exactly what came to be.
$ROKU - DAILY UNTIL 3/5
After the break on 380 , we revisited it quickly on 3/4 and continued to the downside. Similar to the other plays above, we hit a buy zone off 320, and found our way back into resitnace.
$ROKU - HOURLY UNTIL 3/5
This one looks similar to Tesla, as it bounced right back into resistance. In the coming week if ROKU can hold back over that 343 area, we can base and make a push to break 360 and run back towards 379.29. On the other hand if we reject 360 and look at 343 , we will push back towards 320. As of now it looks like that 343 will hold as we broke back over that level and have began to flag, if the market looks positive at support tomorrow look to be a buyer off 343 here.
Key Levels:
379.29 - Haven't revisited this level yet since the breakdown , look for weakness to short
360.54 - Most recent resistance, we are tightly flagging under it , if market opens on move up, we will break and continue higher.
343.95 - will be the intermediate level to see where we will be heading early this week 320.8 _ big buy zone for now , should continue to hold as long as we hold the first supports on market.
4. SQUARE ($SQ)
One of the IG poll post , a nice growth stock as well, with great potential. Square looks good off that Friday bounce , and looks in a similar position to many of these other growth companies.
$SQ - DAILY UNTIL 3/5
For now that 200 area seems to be of great importance on $SQ, as long as we hold their , buyers will continue to buy. From an overall chart perspective , yes the short term trend is down and negative, but some crucial supports are starting to come into play. If we can hold that 205 this upcoming week we can continue back towards 225 which will be our first true test. Similar to the rest of the stocks above.
Key levels:
225.19 - as long as we stay under here, the short side is much more likely
221.94 - Seems to be a key area on an hourly , caan watch here for weakness to short as well 200 and 205 - The downside support, as long as we hold here , we wouldn't be looking to head much lower, but instead would look to run back up
187.9 - Hit on 3/5 , next time coming into here can show some weakness and could open the doors for 172.
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 !
Remember both supports AND resistances are given, you take take a long or short trade over the levels based on how the market is acting in general, buyers vs sellers. The short term trend is down atm, but if things begin to change , use those spots for long trades and ideas ! The next two days will be crucial in deciding whether we go lower or higher, so don't force anything in between the zones !
( 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 😯)
If this volatility continues, just find high volume stocks, make some key levels and keep on playing them. Some extra picks:
$AMZN: 2878.7 is the big support, with 2960.57 also being key, and then , 3001.63 and 3048.41 are some upside resistances.
$DIS - even with the market pullback 182 continues to be a huge line in the sand , keep buying over that support.
$GOOG - basically said , "what market pullback?" 2025 continues to hold on the daily, while 2095.17 (broke on 3/5) and 2138 are some upside sell zones.
I can do this on and on for every stock , but the best way to get them live is by joining the chat ;)
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Hope you all have a wonderful rest of your weekend, and a great upcoming week :)
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