Hello everyone , and welcome back to another weekly watchlist post by True Trade !!!
Last week provided us with some great volatility, and with that a chance for some sweet high probability lottos, and trade setups. We were able to effectively catch the downside and the bounce , were you ??? 👀. Our midweek recap even gave the ideal spyy support at 436 with 441 resistance 😉 https://www.truetradellc.com/post/stock-market-recap-8-18-watchlist-recap
I expect volatility to slow down , and with that here are some picks i will be keeping a close eye on for the week to come.
(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. NVIDIA ($NVDA)
$NVDA - DAILY UNTIL 8/20
Nvda finds itself back on the list. After such a nice move post earnings , we had to get this one back on the board. We came close to making new all time highs to close last week , but feel just a bit short. Buyers have taken the report as positive + we held key support , and we should look for new highs next week for nvda if we can maintain 205.
208.54 : The upside resistance. Likely we see a gap over this to start off next trading week , but if not , just look for a break and hold here to trigger new highs. If we fail to hold ovr , a failed breakout can be shorted *for more advanced traders). 205.24 : If we see some selling early in the week , I would look for buyers to hold ground off 205. Was out last 2 day base before flushing towards 205, and now that we have recaptured it , I would look for long trades on a hold.
187.8 : Still the key downside level , if we for some reason see a big sell , which I wouldn't expect , I still like buyers at 188 , 198 , 200.
2. BEST BUY ($BBY)
$BBY - DAILY UNTIL 8/20
With earnings coming up this week , gonna be keeping an eye on how we act. BBY generally offers some solid moves after ER , and this time should be no different. We just recaptured key support off 112, lets see if we hold going into the ER report.
121: Key area of interest on upside. We do have sellers along 116.72 as well ,depending on how we move post er report, if we do gap up , and gap over 115, 117, id look for continuation holds leading towards 121. 121 was the last high end base are pre rejection from new highs.
115.5 ish : Important area of interest had a lot of basing here before breaking and rejecting from 8/11-13. Good initial upside target if 112 holds.
112.15: Multi-day base here before breaking down on 8/17. We recaptured it to end last week , now if we can hold here again , we would likely see a test back towards high 113 and mid 115.
108.5: Has been the closet support since ATH sell off . I expect buying to continue here , if we break under, post ER , I'd watch around 106 as the next key support.
3. PAYPAL ($PYPL)
$PYPL - DAILY UNTIL 8/20
Paypal seems to be in a falling wedge formation. Coming off recent buyers to end last week over 268 , PYPL is looking to break back towards 277 where initial resistance is likely to show. I do prefer long side trades on this one as long as 268 holds.
281 : Upside resistance , the gap down breakdown area. We already rejected here on the first bounce , would likely be looking for upside breakout on the next attempt. Back over here and 290 is not far out of question.
277: Smaller intraday zone , but we saw buyers over this zone 8/5 - 8/9 and then selling ensued last week. Breaking here adds confirmation to upside , and holding back over here would likely give us they 281 breakout we want.
273.5: Some hourly resistance is present here , as it was also support before we had that market pullback on 8/18. We got towards it to end last week , but just fell shy of getting back over it. Next step to get upside continuation is clearing here.
268 : Big buy area , immediate reaction on th dip with buyers. and i do expect this zone to hold. If we do get a break , we can see a likely move towards 257. But as long as we hold here , be a buyer of dips.
4. NETFLIX ($NFLX)
$NFLX - DAILY UNTIL 8/20
Had a pretty long range of consolidation between 508 - 525 before breaking out 8/19. With the breakout I will definitely be interested in looking for pullback buys.
557: We had a very quick rejection off this on the last visit which lead to a short term downtrend. Not very likely we break this on the first visit , its a great upside target as well.
544.43 : Hourly base resistance. We seemed to have what was a failed upside breakout on 7/14-15 , or just a quick gap to big resistance. Which was followed by an immediate rejection and break back under 545. Post break we held under and flushed pretty quickly to the downside. Getting a hold back over this level can lead us back towards 557.
537: Had a little consolidation here on the last down push , and we had buyers step in again on the most recent up move. So will look for I expect 537 or 526 to be the best 2 buy the pullback scenarios for NFLX. 525.72: The breakout zone. Had a consolidation under the zone for almost a month before breaking out on 8/19. Looking to be a buyer on any dips back into this area.
5. PELOTON ($PTON)
$PTON - DAILY UNTIL 8/20
Earnings coming up this week , so had to throw this on the list with some expected volatile moves. We have been in a consolidation area for the most part between 103-127, generally holding above 110 before last weeks breakdown.
126.89: Bigger sell zone + breakdown zone. If we gap into here post earnings , look for sellers, especially on the first go around. meanle if we start holding , we could gradually be loading up for 138, 142.
122.68 : Had over a week long consolidation here before getting the down move , definitely has sellers sitting here , o look for potentials shorts close by.
110: Buyers were holding 110 for almost a 2 month period before breaking on 8/19. SInce they break sellers have held under. This will remain my inflection point for the weak , if we hold under a lower move towards 103,100 is likely, but getting back over and holding we can see a spike towards 112, 114
103: Solid support , was a breakup zone along with multi day consolidation , would definitely be eyeing this for buyers on a gap down. break under and we likely et back towards 98.
TWILIO ($TWLO) - Long back over 340. Looks have started the process of a trend reversal on the 332 bounce , now f buyers can hold 340 and break 347 , they could try for 353 again.
If you don't know how to utilize the key levels check out 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 👀
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