Market Watchlist 7/6 - 7/9
Updated: Jul 6, 2021
Hello everyone and welcome to another weekly watchlist post by True Trade ! Last week offered some nice breakout trades on Apple and ENPH , while some fizzled out and have yet to make the move including DIS and NFLX. Key numbers acted well , and we hope you guys utilized them for some great trades ! Now to move on to trades for this following week.
The overall market continues to remain bullish , with SPY and Tech hitting new highs, while the DOW stated to break back to the upside. The market outlook remains the same , and until further notice , keep looking for some strong long setups, especially in the tech sector 👀, until market starts to show weakness, play the trend !
(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. International Business Machines ($IBM) -
$IBM - DAILY UNTIL 7/2
IBM has a pretty decent selloff to end last week , we had a multiday base under 147 with buyers holding 144.5 , but to end the week , we flushed that base and just kept chugging lower. With that weakness showing up , i would expect some continued downside this week at least into that 136-137 zone , so keep an eye out for that. Retraces 141.2 or 144,5 could offer potential short entry while 136-137 could initiate a potential long trade.
147 - The key breakdownlocationn for IBM , had a multiday base under zone before flushing to the downside to end the week. We didn't stop at any downside supports on the flush (other than a bounce at 141.2) so will look for continued downside on retraces , or bounce play long around mid 136.
141.28 - We saw buyers step in here intraday 7/2 before flushing lower , this can be utilized as a potential retrace short trade , as it would show continued strength to the downside , this level will also be my daily over under level for the week , eyeing shorts under , while looking for potential lon trades over the zone.
136.4 - 136.7 - Thee potential buy zone , as this was our nital breakup zone and support , on the downside this area should at least offer a bounce play , but the only way to tell what will happen is watching the zone live. As mentioned short term trend is down , so be cautious , but this where long trades can offer good r/r trade opportunities.
2. Boeing ($BA) -
$BA - DAILY UNTIL 7/2
Boeing had a pretty decent down move for the week , as we had an initial bounce that ended up failing and pushing lower (not going to lie we took a long looking for an upside break which failed and stopped us out on 7/2) , but this can offer us a few good trades for the upcoming week. The short term and daily trend are shifted down , so will look to lay those for the week , down towards 232, 229. But if buyers can start to hold 236 early in the week , a move back towards 241 isnt out of question.
241.5 - 242 - Boeing has had a decent sell zone initiated off mid 241 , after the initial down push to start the week on 6/28 and 6/29 , buyers stepped in at the pivot low at 236 before failing to push higher off 241.5 -242. This will remain the pivot for downside trades as sellers have been strong here.
233 - Key daily zone , visited and reacted to on 7/2 , buyers did indeed step in off the buy zone , but ended up rejecting to close the day . With the recent trend still being down , I wouldn't be surprised to see a breakdown under this area towards 228-9. On the flip side, this buy on 7/2 showed buyer present , buyers closed us back over 236 , so if we see buyers step in early next week holding over that 235.76 , long trades back to 241 are valid ! Short term trend is down, favoring short trades , but looking for potential signs of reversal either at 228 or hold higher at 236 can switch us back to the upside. Very important to be flexible on this one.
229 - Next downside location under 233/2 , open gap + a former base location , if we continued pushing to the downside under 233, this would e the next big zone of interest
3. TESLA ($TSLA)
$TSLA - DAILY UNTIL 7/2
Tesla has been consolidating for just over a week now , and this has given a few good range trade opportunities, the range can continue to solidify this upcoming week , but we want to also keep our eyes out on a break on either side. If we can see a break either side this upcoming week we can see some increased volume and great volatility in trade possibilities going long towards 715 , or sort back into 660. The range here is pretty large $30+ so can definitely give good range trades.
697- 700 - On the upside, the sellers have continued to step in just under 700 , the top of the zone range , if we break to the upside , eye 714-717 , and potentially even 740 -743. Not much else to do with this stock , play ange or play the breakout.
668-670 - Buy zone , since we have been consolidating for over a week , this area has been strong with buyers , look to continue being a buyer here until range is broken , if we do break , unfilled gap on downside comes into 656 , and under that hourly base support comes in at 646-648.
(For the breakout on either side, down or up, wait for confirmation , don't go long straight away, but wait for a break and hold under/over the given level (over for long side ) , (under for short side ).
4. DISNEY ($DIS)
$DISNEY - DAILY UNTIL 7/2
Disney was on the list last week , but the breakout as yet to occur , I still have a similar theory for long disney trades targeting and upside breakout , but the key levels are a bit more refined as it has tended to chop up a bit intraday. Bull flag pattern still in tact and still liking long trades looking for a breakout over 179 , while utilizing 174.6 as the key long pivot level.
179 - Key upside resistance with 3+ sell attempts , getting over 179 and olding would commence the upside breakout we are looking for . Until we break this can still be utilized as a short level.
174.6 - The key hourly base pivot for the week , eld on 7/1 and on the selloff on 7/2 , this will be the over under level for the week , as we would like to see disney start holding higher if it really does want that upside breakout over 179.
5. SALESFORCE ($CRM)
$CRM - DAILY UNTL 7/2
Salesforce has had a few week long sideways consolidation between 241 and 246 , to close last week it looked like the breakthru to the upside had started as 246 finally cleared and held. For the upcoming week I would like to see upside continuation if 246 can hold , and then target 249 and 251 as upside targets.
249 - SHowed upside resistance to end the week , do expect continued sellers to step in 249 or just higher around 251 , if upper range can break then we can get a move towards potentially midd 250 , 256.
246.5- The key upside level tat we just cleared to end last week , would be strongest case on upside if this zone held , if not , likely see a visit back towards 235 gap or even 242.5 support
240.7 - The lower end of that week's long sideways consolidation we had , we did have a higher base off 242.5 but even if we break under there , as long as 240.7 can hold on a daily basis , long trades around this zone will offer some great r/r trade opportunities.
OTHER KEY LEVELS:
$ABNB - Has a breakout over 153 towards next 157 resistance zone , since then started to pullback . Will be looking for holds at 150 or 148.5 for long opportunities again
$AAPL - Continued the beautiful upside breakout , can look for longs at pullbacks around 137.3 as we gapped over the key resistance to open 7/2 , or eye hourly support at 135.7 ish- 136.
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 👀
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
What are you looking to trade 👀