Market Watchlist 6/6 - 6/10
Hello everyone and welcome to another weekly watchlist by True Trade !
Last week provided some good trade setups , but a majority of the market stayed in a range. The range was large enough to provide good trades , but it did get choppy here and there. I would be looking for a range break this upcoming week , so let's get started !
(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 6/3
Let's get started with SPY ,we pretty much consolidated all last week , and it looks like we are getting set for a bigger move in the upcoming week. Once the range breaks we will be in store for our next big squeeze, or should be if things go perfectly).
KEY LEVEL:
417.38 - The 418 level as an important pivot back in early May , and now just under it we see an open gap. Would keep this in mind on the upside , if we can start holding above it , the gates can open for 424.
411.34 (412 ish) - For a good part of the week , we did see 411.5-412 be respected as an intraday trading zone, would look for that to continue in the upcoming week
409.42 - Open of the 6/2 breakup candle (this candle gave us a new high last week , and when we cam back to it on 6/3 , buyers did hold , so would like to use this as an important level as well.
407.9 - So we did dip under this level a few times last week into 407 , but each time we popped back up. Basically 407-408 has been a solid buy zone where buyers have build up demand on our most recent consolidation. Until 407 gives in would look to keep buying it. If it does , look for a move back towards 405 , if not lower.
2. $AMD (ADVANCED MICRO DEVICES)
$ AMD - DAILY UNTIL 6/3
We are back with one of my favorites , in AMD. We had a very nice explosion towards the end of last week , and it looks like we could have more in store. After a few days of consolidation we broke up over 104 , and if we can hold , will look to expect follow thru.
KEY LEVELS:
116.31 - This is a breakdown candle from a while back. If price trades and hold over say 111, there's a chance for a bigger squeeze towards this level. In between 111-116 can also eye mid 113 for a target. ,its an hourly consolidation area.
110 ISH - We have 2 levels up around this area (109.69 is from the breakdown candle , and then 110..55 is from an open gap), in short this zone is likely to provide some sell pressure , we saw it already provide some in the latter half of the week with strong rejections right under 110.. Keep an eye here for a reversal and a take profit target .
104.45 - This was the consolidation zone resistance , it was the high that rejected on 5/31 and it was a former breakdown gap. Once we cleared it , we held it to end out the week. Will look to use this as a tradable level in the upcoming week.
100.16 - IF we do wee price creep back under 104 , there was muliday buying at 100 , so that's where I would look to keep an eye out for another set of potential buyers. Under 100 , we can see a rotation back down into the gap from 5/26 at 98.72 and then 96ish zone.
3. $NVDA (NVIDIA)
$NVDA - DAILY UNTIL 6/3
NVDA Is back on the list from last week , seems like we have NVDA here almost every week , that's partly become it moves alot , and it has very good intraday volume. So similar to AMD we had a nice thursday pop followed by and end of week retracement.
KEY LEVELS:
198.67 - This was a gap down candle , and we have seen signs of sellers at 199 before , can look at this zone for target and reversals as well. Over 199 , we have an open gap from 203.33 on 5/4.
195.94 - This now is an open gap on the upside. Would look to use this as an upside target off a bounce. Over 190 , this is likely next in sight. 194 can also be a target in between 190 and 196.
190 ISH - We have an hourly zone around 190 , this area has been respected by a majority of trading days last week as we struggled to stay over it early in the week , broke and held it on 6/2 , but then rejected it again to end the week on Friday Will continue to use as an intraday pivot. ( lso an hourly zone around 185).
181.86 - This was the breakout candle , that occured 2 weeks ago. We had a nice break to the upside followed by the remaining days holding that level. With that in mind , since we have seen continued buying pressure down here , would look to be an active buyer until the level gives in.
4. $DOCU (DOCUSIGN INC)
$DOCU - DAILY UNTIL 6/3
Up next we have DOCU , this is a lower volume mover , but we have earnings coming up , which should help add some volatility and provide tradable movement. We have been consolidating for the last week , lets see which way we end up breaking out.
KEY LEVELS:
94.12 - 94 was a prior support zone before the breakdown on 4/21 , if we start trading over the 90 area , it's likely we squeeze into this level. Over this the breakdown level comes in play at mid 95-96.
89.15 - This was a breakdown candle , and we have an open gap at like 88.5 , can look to use this as an upside target level over 87.
87 ish - The upper end level is placed at 89 , but for a majority of trading days last week , it looked like 87 was the more important resistance zone. When we broke over it on 6/2 , buyers held over 87 , so would like to use that as the consolidation resistance.
81.62- The breakup candle from 2 weeks ago , buyers come into that 81.6 level every trading day last week , and with that in mind , I would look to treat that 81 area as a potential buy zone , and a break and hold under could ignite a decline to the downside.
72.63 - This level is another breakup candle from a few weeks ago. ( We have some levels between 81.6 and 72.6 around 80 , 75.4 ). If we see a drastic move to the downside post ER , would be waiting for this 72-73 area for a potential buy.
5. $TSLA (TESLA)
$TSLA - DAILY UNTIL 6/3
TSLA chart may look a little messy with so many lines , but don't worry we will narrow it down. We had a pretty significant pullback to close the week , over 10% from the 6/2 highs. Lets see if we can hold 700 and take off again to the upside.
KEY LEVELS:
795 and 787.11 - 795 is the breakdown candle that gave us a new low at the time , it broke under the 787 support which will also be another level on watch. This is an area we could see some sellers come int at , and could provide a short opportunity from. Over this their is 819 and then 860 which was a former support zone. ( SAME FROM LAST WEEK) - We did see sellers indeed step in here.
732.47 - This was close to a breakup candle on Thursday , and then when we went back under it on Friday , sellers were able to hold us under , which eventually lead to a push back under the 723 breakup candle and pushed us back to 700 support. Keep a close eye on both 723 and 732 level back on the upside.
701 - This level was pior support before the breakdown on 5/20 , and since we recaptured it last week , we have been able to hold it , we pulled back into this level to close out last week , and buyers did step in. If we can keep holding , I do like potential for a very nice bounce.
674.9 - If buyers give up 700 , the next zone that comes to mind is around 675. This is where we broke out from 2 weeks ago , and a retest could provide another influx of buyers.
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 ! ** THIS IS NOT FINANCIAL ADVICE** I can do this on and on for every stock , but the best way to get them live is by joining the chat ;) https://www.truetradellc.com/stock-signals-membership Email: truetrade1313@gmail.com Instagram: https://www.instagram.com/truetrade_llc/ Website: https://www.truetradellc.com/ Twitter: https://twitter.com/TrueTradeLLC1\ Youtube: https://www.youtube.com/channel/UCYBmjsO6azryoWDHpsVIHbg/videos MAKE SURE TO SUBSCRIBE :
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