Market Watchlist 4/5 - 4/9
Hello everyone, and welcome to another weekly watchlist by True Trade ! Hope you all had a fantastic weekend !!!
This next week, and this month will be especially interesting with earnings coming out again , this will provide increased movement and fun trading opportunities for all ! So let's get into some good looking picks for next week 👀
If you haven't already check out the market outlook post here: https://www.truetradellc.com/post/market-outlook-4-5-4-9-how-high-can-we-go
and if you need tips on utilizing key levels, check them out here :
https://www.truetradellc.com/post/market-outlook-3-22-3-26 and https://www.truetradellc.com/post/market-outlook-3-15-3-17 .
(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)
Is the watchlist complete without Tesla ? Not usually, haha. After close on 4/1 we had delivery reports coming out on 4/2 , and although I don't generally take trades based off news, Tesla can be in for some nice movements in the week to follow due to its combination in news + location on the chart.
$TSLA - DAILY UNTIL 4/1
The sellers tried to push us under that 600 early last week, but the buyers made a solid effort and broke us back over 640 . Shortly after 600 held we saw ourselves back over 680 where sellers stepped in and sent us back. Now with a positive delivery report, it will be exciting to see who takes control for the week to follow.
KEY LEVELS TO WATCH:
718.43 - This was our initial resistance off the first 540 bounce , and this will remain the key area if we are to go for the gap fill around 777, If we can get over 720 this upcoming week , we can see 740 and a slow grind over that to 777 where I would look to take a short stance on weakness ,at least for an intraday short .
707.94 - Apart from 720 , some sellers have stepped in lower around 708 post 3/15 , so I will keep my eyes here as well as an upside target or weakness for a short.
684.29 - Around this area from 685-690 there are a decent amount of sellers positioned. If we gap over this to open Monday , that would be the best case for seeing a solid move towards 708-720 right off the open. Meanwhile if we gap into this level , look to see which side is looking for control and short under or buy over,preferably buying on a hold over.
640.39 - This was the most recent breakup, and we have yet to look back at it since the gap and hold on 3/31 . As long as buyers can hold here in short term we can run. retest of 720, if we break we probably revisit 600 and then decipher price action to see what comes next.
2. GOOGLE ($GOOG)
We finally got the upside breakout to end the week , all we have to see on Monday is whether or not we will hold and continue, or fail and break back under.
$GOOG - DAILY UNTIL 4/1
This one has had our eyes for a while, and it looks like we finally got the break this last week. It continued to hold that 2000 area despite all that volatility the last month, and it was definitely looking for that upside break. We had a strong close on 4/1 , and although. would like a retrace to enter to go long , it is possible that we just hold that 2128 to push higher.
KEY LEVELS TO WATCH:
2152.68 - This was the former all time high, I'm not placing a whole lot of importance on this level , but it could be a profit target on the upside move.
2128.31 - This was the Illusive level we had to clear to get the upside break. With that solid 4/1 close , all that is left to see is whether this level will hold or not. As long as se can hold here , Google will be making its way to new all time highs. This is the best level for immediate upside, and look to continue buying over it . If we gap under on Monday look for the levels below to be a buyer.
2092.52 - This was the last pivot high before the down move , I don't expect a revisit of this level , but in case we do , would look for buyers to step in , if not here they will step in around the 2070 area.
2076.03 - The recent breakup area , any where from 2076 - 2070 I will happily look to be a buyer, as it was our recent resistance last few weeks before we gapped over on 4/1.
3. MICROSOFT ($MSFT)
Microsoft, similar to Google, had a very solid breakout this last week, and it doesn't look done yet.
$MSFT - DAILY UNTIL 4/1
Microsoft was another stock that didn't have much effect by the pullback the last month, as it just consolidated sideways for the most of it. When we got the bounce this past week on tech , Microsoft was able to breakout over 237 and 240 to end the week, and is looking solid forr this upcoming week.
KEY LEVELS TO WATCH:
244.99 - Highest daily close, and also the hghs before the pullback over a month ago. Sellers will be positioned here, and I don't expect a break to new highs, not before earnings, so just utilize it as an upside profit target. If we do break, that 245 can be used as support.
240.97 - Held a hourly base off this area on 4/1 , and as a result if we hold this early next week , we can see that move back to 245 resistance. This will be the more immediate upside downside level, as the buyers have started to show strength already.
237.42 - The gap up area from 4/1 , and this was our resistance for the last month or so. As long as we hold here, the upside is favored, and if we see any dips back into here , look to be a buyer with the stop placed under.
4. WALMART ($WMT)
Here was have one of the slower moving stocks, and a more affordable option for most accounts, the retail giant, walmart.
$WMT - DAILY UNTIL 4/1
That 135 area on Walmart was an important upside level , and with the break last week + multiple day holds, we can expect to visit 139-140 soon again.
KEY LEVELS TO WATCH:
139.27 - The initial breakdown area for the down move, sellers should be present here , if we clear that will be very bullish and can send WMT back into 144. Besides that I would look for weakness hehre to be short.
137.66 - Seems to have some sellers setting around here, but not a whole lot , if we can break here and start consolidation over, it will set up another "bull flag" formation to get that 140 break.
134.74 - The most recent support, this 135 area was resistance before the breakup last week, and since the break, we have held it for 4 days to follow, setting up in a "bull flag" formation.
132.82 - The base area before the 135 breakout, this will be utilized as the key support for upside, and as long as this 133 area holds, upside is favored. Look to be a buyer on dips here.
5. PYPL
Another nice one , similar to one of my favorite stocks to trade (SQ) , but decided to mix it up a bit this week, as the SQ levels posted last week are still pretty valid. Closed last week back over a the pivot down move, and is showing some signs of strength.
$PYPL- DAILY UNTIL 4/1
With the brek back over 246 last week , we have one more upside resistance , which if broken can send us up nicely.
KEY LEVELS TO WATCH:
255.06 - The closest upside resistance , if we can clear here we can get an upside push back towards 266-268 . It might take a bit of time, or ranging between 246 - 255 before we get the break , but keep a close lookout for it if we do. 246.6 - This 246 level was pretty important on the breakdown from 3/18 , as we kept rejecting it before heading back towards 224. Now that we gapped over to end last week on 4/1 , the question is to see whether or not we will hold next. week. The best case for upside movement will be holding this early inot the week , looking for that 255 target. If we get back under , we may bounce off 242, but much lower than that and it starts to look weak again.
233.65- I don't expect us to come back down here , but this location was the pivot daily low on the down move 2 weeks ago. and it's likely where buyers step in next if we break 242.
A Few Extras: AMZN - If we get that hold over 3160 this upcoming week , we could see a push back towards 3240. It has been on. nice steady uptrend off the bounce , and i think it's likely to see 3240 before their earnings report.
SHOP - 1020 held nicely last week and we found ourselves back at 1150 to end the week. On the upside 1199-1200 still offers a ton of resistance, if we can break , Shop can make a move back towards 1300's . On the downside 1020 is still support while 1100-1110 can be an intermediate level.
AVGO - A reminder from last week , it's been holding its 454 support and still looking for that 484 break , keep your 👀 out on that one.
SQ - Keep your eye on the 232 break for upside, break and hold we can eye a move back towards 250 . If we hold under 232 its possible to run a test around 221 before the upside continuation again.
CGC - Buy and hold , more of a short term swing , buy with stop at 29.77 , playing this on a further out time frame 👀
( 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
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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