Hello everyone and welcome to another weekly watchlist by True Trade. This past week was a nice one , with some great, and i mean great swng setups, what did you catch 👀. The market ended up getting the bounce to start the week and never looked back , as mentioned, the trend is still up, play with the market trend , you will always have a lot more success going with the trend !
Since the market remained in the same position , and volatility remained down , I passed up on the market outlook post, because it's pretty simple, trend is still up, look to be a buyer on dips until key levels are broken. (Now if things change thru the week , ll get out a mid week update, as the dow is back at resistance 34400 on /YM , while tech is starting to show some signs of at least a slight pullback in store towards 347 $QQQ). Now for the upcoming week here are a few stocks to have my eye on 👀.
1. DISNEY ($DIS):
$DIS - DAILY UNTIL 6/25
Disney finds itself back on the list. We were looking to stay long a few weeks ago over 175.5 , the trade gave us a move into 178 before rejecting and heading back down. We revisited 172 support, and found ourselves grinding back over 175.5 and starting to hold 178 to end the week. Looking for a continued hold this upcoming week for a move back towards 181.
181.29 - The prefered pside target for disney , was our last breakdown area , looking for continued 178 old to make a move into this some sometime this upcoming week. Along the way targets can be 179, a breakdown candle, and 180.2 a pivot close before a pullback.
178- This is the ideally are to hold for buyers, we based over post mid day to end last week on 6/25, and would like to see continued hourly holds for a move back to the upside.
177.2- This area is the hourly base from 6/24 that resulted in the 178 breakout, getting under this would invalidate the long side trades for me , and it is likely to see wa move back towards 176
2. SQUARE ($SQ):
$SQ - DAILY UNTIL 6/25
We saw a pretty nice upside breakout on SQUARE last week , before hitting a sell area and pulling back. But with the trend still remaining up, this upcoming week can be a nice one to go long again looking for a continued upside breakout.
247-249: Upside resistance , had a good bit of sellers step in here last time around , and this would be the key break needed to get a move back towards 255-257 target.If we get that higher hold next week on SQ look for a breakout , if we look weak , can look for short utilizing the 249 as a stop
238.83: This was the consolidation breakdown area from early may , we cleared it to start 6/23 , and then pushed higher before coming back to it to end the week on 6/25. For the majority of the day SQ held under 239 on 6/25 before getting an end of day break back to the upside , look to a hold over to take long trades here , targeting 243 and 245.
3. VIRGIN GALACTIC ($SPCE):
$SPCE - DAILY UNTIL 6/25
SPCE had one nice breakout to end last week . We had a nice upside consolidation forming , with a gap up to open on 6/25, and with news of passengers being able to head to space , spce really took off like a rocket. With a high short float , and such a positive close on 6/25 , dont be suprised on more upside for the week to come, either taking a breakout trade over 60 or buying pullbacks at 51 or 53.
59.4 : Not much to much to say for upside level , but potential target , and the 62(ath) with new highs after that , wouldn't necessarily be looking for short trades yet.
57.12: This was hourly resistance with multiple days rejecting under , now that we have cleared , look for 57 to be a potential buy area on pullbacks for continued upside. (We cleared it after hours 6/25)
51.2: Would be interested in any pullback buy holds at 51 or 53 , i think we probably just ga and go next week , but keep an eye out if we do get a pullback.
4. NETFLIX ($NFLX):
$NFLX - DAILY UNTIL 7/25
Netflix with a superb breakout play to end the week , ye ideally that was the best play to catch, the initial break (we caught it) , but even then , we have a plethora of trade opportunities on pullback or continued breakout, wit potential short areas in mind. 514 is the key support while sellers probably step in hard around 555 or 540 , although 530 did find decent resistance to end the week. Trend is up so don't take shorts until there is a reason on the chart to take them, follow the trend 👀
540: The support before earnings gap breakdown , haven't revisited this zone , but can look for potential short here.
530 - 533: Saw some sellers step in this zone , held under 530 on an hourly basis on 6/25 , but at the same time we held over 525 , maybe we see a sell off 530 back into 520 where we can look to buy again. Can look to sort 530 wit stop at , 530.
521.66: The 522-520 area found resistance on initial gap up from 6/24, before we gapped over it to open 6/25, look to be a buyer in the 520-22 range on pullbacks , would be best case for a more prominent move towards 540, if buyers fail here then still, as long as NFLX holds 514 , long trades are preferred.
514.82: The best buy zone , we had out gap and hold over on 6/24 for the continued upside move ,any pullback back down here, I would look to be long.
5. ENPHASE ENERGY ($ENPH):
$ENPH- DAILY UNTIL 6/25
Enphase had a pretty nice continuation breakout, first breaking up off 144 , and then recently holding buyers over 167 before gaping over a key 174 resistance level. Look to be long over that 174 , while if we open next week back under and hold under , can eye a short trade back towards 167.
190: This would be the ideal upside target , look for continued higher holds and a move back to the last breakdown rejection area, ya we have price target in between along 182 and 186 , but they may not be as crucialial for big sellers to step in at, so keep an eye out , and be diligent in profit taking if we get the continued up move.
174: The key hold for continued upside, we gapped over on 6/25 and exploded right off open running towards 181 and then pulling back to close the day at 175. We held the 174 base all day so look to be a buyer again on holds over with stop off at 173.
166-7: The key upside level , even if we pullback into here , this is the crucial area that i prefer to hold for long side trades as it is a daily, hourly and weekly level, if we break back under you can eye down move back towards 159 , 151.
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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