Market Watchlist 8/1 - 8/6
Hello everyone and welcome to another weekly watchlist by True Trade. Last week was a great one , as usual. Big tech has some great earnings movements and with that came some great trade opportunities. On top of that we killed some non er trades like with ZM and Earnings are not quite done yet , so here we are, with another week of some great trade ideas 👀👀👀.
(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. SQUARE ($SQ)
$SQ - DAILY UNTIL 7/30
With earnings coming out this week , square is bound to see some nice moments. We saw sellers step in last week off the 260-1 zone , and then saw some buyers to end the week at the breakup candle around 245. Going into the week , 245 and 261 will be my 2 key zones to identify the trades i want , and if we see a significant gap post earnings , downsie support next would come in around 223 while upside selling occurs around 275-6.
KEY LEVELS:
261: The most recent upside resistance , seeing a double sell off the zone this past week . If we break over this post ER , look for a potential to make a run back to 270+. If we gap into this level but fail to hold it , take a short back down into 256-7.
245: The las breakup daily zone , and also support to end the week. Not to sure if we old into the coming week , but a break under 245 can initiate a short back into 242, 237. If we hold , say 246 , we can get a strong move back towards 250-2.
2. ROKU ($ROKU)
$ROKU - DAILY UNTIL 7/30
Roku had one hell of a run to end the week of 7/23, but since then, not so much upside momentum has continued. We saw sellers come in play after a failure to hold 474 , and the selling does not have to stop just yet. We closed last week back at the breakup area from 426 , so let's see if we can hold that top start to week ,or continue pushing lower, back into 408. Along with that earnings come out this week , further increasing potential movementent.
KEY LEVELS:
473.65: The sell zone , buyers tried to hold over , but once we broke we base for a bit before getting a continued flush lower . Retests here can be shorted , but if we hit here, and began to consolidate in a tight range , it is likely we explode for a new all time high.
426.87: This was our breakup candle , sending us towards new all time highs. We closed the week right into this zone , but there are no current signs of a reversal yet , so I wouldn't make much of this level .. yet. If we hold early to start next week a long trade can be taken with a stop under 426, but as of now, there's no size of support here.
408: Would look to go long here for ROKU , especially on an early week dip. Now if we gap under this zone post earnings , i like short ide trades back towards 400 and then 391. If buyers hold here, the momentum can get back in their hands.
3. ETSY ($ETSY)
$ETSY - DAILY UNTIL 7/30
Etsy is another pick with earnings coming out this week, and along with it some increased movement is expected. As seen in the chart above , ESTY has some pretty strong consolidation zones for quite a while off 158 and 164 before getting a nice up move back into 210+. Now with its recent down move , i do expect to see some buyers pop in shortly, of course if earnings go poorly that goes out the window.
KEY LEVELS:
MID 198: On the upside , around 198.7 ish is resistance, a few key aspects come in here , 1 being the gap, 2 being it was also the last consolidation zone that pushed us into 178 (on 7/6-7/12), so this area is definitely crucial. If we gap over it post earnings , i would definitely be expecting an upside break , back over 210.
179.45: 180-178 is the closest buy area , on the last visit we had a multiday hold pushing us back to 210+ , and now with the last sell , we can see buyers potentially stepping in just above this zone .
163.46: Had basically a multi week consolidation at 164, with buyers stepping in basically every day. If we gap down post earnings utilize this zone as the key area , looking to be long around it , while holding under opens the doors for 157.
4. PAYPAL ($PYPL)
$PYPL - DAILY UNTIL 7/30
Coming off a poor reaction from earnings last week , Paypal has seen a significant pullback , just over 10% from the all time highs. I would be expecting a bounce sometime , at least going into mid week. We closed last week around the 275-6 support after getting a midday bounce , now if we can hold 276 to open the week , i would start looking for long trades. But if the current downside momentum continues, I would eye support closer to 265-6.
KEY LEVELS:
289 : Was our key support before the earnings gap down , and after that , it's where we rejected before continuing our move towards the downside.
275.84: The next support zone , as it was the last breakout area , do expect buyer to step in this area from 274-276 . If we keep flushing under here , ay to like 276 , but then recapture this 275 area , it can another indication to go long again.
257.17: The next BIG support zone , multi-day consolidation along this zone before starting the wave to all time highs , would definitely not expect a break under this zone for the coming week , if anything I would expect a higher hold this time somewhere around 263-265. But just in case we see continued selling , that 257 is the key area.
5. NVIDIA ($NVDA)
$NVDA - DAILY UNTIL 7/30
Nvda has seen some consolidation since its stock split , but it looks like that consolidation can soon turn into a breakout. Currently we are sitting under the breakdown location at 198 , but along with it , off the 177 bounce , we can be looking at a potential bull flag , wit the flag being between 188 and 198.
KEY LEVELS:
198.12: Upside resistance + breakdown zone , getting back over here and holing initiates a move back towards 204-205.
187.8 : Currently the lower end of the Nvda consolidation , the bottom of the $10 range. If we break back under here , a quick move towards 178 is very likely. Until then the range continues.
177.75 : Key support level for now , and definitely an area of interest for being long , look to buy dips back into this location.
EXTRA PLAYS: $BA: Want to look for buyers to hold 225-6 to go long. We ha a nice gap up last week after earnings, an we just ended the week running a rettes of a key area. If buyers can hol, I would look for a move back towards 233 on the upside.
$MSFT: 283.8 , give or take a .5 , has been good support for MSFT , while 290 has remained resistance. Even with earnings last week , MSFT maintained its range. If we break the lower end at 283, we can see a continued sell into 280, but if we continued to hold , look for a move back to 290. If we get the up move followed by a tightening range, lookout for an upside breakout.
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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
^^^here is a snippet of how the levels 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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