Market Watchlist 7/12 - 7/16
Good evening everyone , and welcome to another weekly watchlist by True Trade ! This past week we saw some increased volatility on that Thursday pullback , but off it we went right into new all time highs.
We were looking to be buyers off that 7/9 open , didn't swing the long trade's but definitely worked out well. Earnings season is about to start again , so keep your eye out for some great day trade opportunities in the week to come .
*There are definitely a lot of setups that look great going into next week, so here's just a few of them will keep my eyes on*
(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 !)
1. SNOWFLAKE INC ($SNOW)
$SNOW - DAILY UNTIL 7/9
Snow closed with a superb breakout to close last week, running an insane 7%+ ... and an insane 1,000% + on same day option contracts (alerted in the trade group !!!). With that breakout coming , Snow should provide some great trade opportunities on pullbacks . There's a chance we do keep running , maybe try to hit mid 270's before pulling back , but i would definitely be long biased, especially on swings.
KEY LEVELS:
273.52: On the upside , we saw sellers just under at 272 , but there is a possibility we pike towards mide 270's-280 range, but would expect to see some selling on any quick spikes into that zone. 253-4 : The breakout location , as seen on the chart above , Snow took some time break thru that 253 resistance , but once the break occurred , we did not look back. If we see a steep selloff to start next week , I would definitely utilize this area for buy opportunities, getting back under would indicate a failure upside break.
2. AirBnb ($ABNB)
$ABNB - DAILY UNTIL 7/9
Abnb finds itself back on the list. We had a step sell off the 157 zone , finding its way back into 140 buy support, getting a snap back towards 150. This upcoming week , 148.4 can remain an intraday pivot , as the week closed back over the zone. (There are a few intraday levels on ABNB , ill post level of the bigger zones)
KEY LEVELS:
153.5: This level was the key level before the 157 breakout , good chance seller come in around here again , but over mid 153 , we don't have much seller conviction until 157 . So watch those 2 locations for some profit targets and maybe an intraday short in that 153.5 area. Holding over that and we likely break over 157 towards 162.
148.4: Buyer were holding this zone before breaking down with the market rejection , but closing the week back over , allowed buyers to regain control. Buyers held over 148.5 on the hour to close the day , so I will continue to utilize this as an intraday zone to be long.
143.17 : This was our breakup zone from 7/9 , if we do see a dip back to the downside early in the week , would watch here and mid 146 (146.3) for intraday buy opportunities.
3. COINBASE ($COIN)
$COIN - DAILY UNTIL 7/9
Coin is another pick looking good for a potential upside breakout. We initially rejected just under 260 , and came back into 230 support where buyers held strong sending us back to the top of the range. I would closely watch 260 for the upside breakout , while holding over 258 can start to show the first signs of the potential upside breakout. A sideways bull flag formation , all we don't know is how long will it take to break.
KEY LEVELS:
258 - 261 : Seller have stepped in off this zone this past week , the crucial daly close can be hit off 258.37 , while breakout can over over 261 , definitely looking for an upside break this week , if we can hold and clear 258, 261 , squeeze towards 277-282 range is likely.
246.69 : This was an intermediate level for the week , when we held over , buyers stayed in control, while sellers had power under the zone (seen better on an hourly chart), would keep this as an intermediate level for the week , at least for intraday trades.
231.4 : The key downside support , as long as this holds , would continue to be a buyer on dips down into here .
4. JPMorgan Chase ($JPM)
$JPM - DAILY UNTIL 7/9
JPM , looks like a nice bull flag setup, and with earnings coming up on 7/13 , some nice day trades should be available off the key levels posted down below. I do favor long side , especially if 157 breaks , but we'll wait to see how we react AFTER their earnings report. Bull flag breakout looking good , so unless there is a bad ER reaction , look for continued upside.
KEY LEVELS:
156.78: Upside resistance for JPM comes into place into 157 , is likely to resistance here until after ER report, if we gapp over post ER , we can see a large size move back towards 160, if we clear that (will post updated levels in real time on IG stories). W saw some eod selling into that gap at 156.06 , can utilize that as a day trade pivot.
154.3: This was an hourly old location on 7/9 , look for buyers to held here on dips if JPM look strong , meanwhile if we do back under this zone , watching the 152.3 zone would be the best bet.
152.5 : The breakup zone from 7/9 and a pivot from 7/9 , not too sure how this area will act , but this zone can definitely give at least an intraday trade opportunity.
5. DISNEY ($DIS)
$DIS - DAILY UNTIL 7/12
Yes , Disney is once again back , I know I know , it's like the 3rd straight week , the consolidation zone is still in play , we tried to brea under on the 7/8 gapp down , but buyers quickly recovered and closed the day back over the key buy location, can we breakout yet ?!?!?!
KEY LEVELS:
179 : Key upside resistance with 3+ sell attempts , getting over 179 and holding would commence the upside breakout we are looking for . Until we break this can still be utilized as a short level. We have held lower on each up move , forming a bit of a wedge , but clearing that last pivot at around 178 , can finally confirm the upside breakout.
174: This week 174 seems to be the intraday pivot location , where we held under 7/7 and 7/8 before exploding up to end the week on 7/9. If buyers really want to break and hold to the upside , they should hold on pullbacks down into here.
171.36: The daily buy level remain in tact, look to be a buyer until a daily candle starts closing under , or intraday price action looks weak
OTHER KEY LEVELS:
$AMZN: Got a huge breakout last week over 3525 hitting new all time highs. Mid level for AMZN buy comes in around 3620, so that can continue to be an intraday buy/short pivot level. Trend is strong up, so buy ide iss prefered.
$ROKU: Roku got a nice bounce back off 402 + on the 7/8 drop. AFter that it started to base gher around 418 and closing the week strong. 440 will remain a key pivot on the daily to look for short trades there , or a break and run back towards highs.
If you don't know how to utilize the key levels presented this post below: https://www.truetradellc.com/post/market-outlook-3-15-3-17
has a snippet of how the level can be used.
Check out past watchlist @ https://www.truetradellc.com/blog/categories/watchlists to see if any plays are still live or if the levels truly work 👀
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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**
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