Market Watchlist 8/30 - 9/3
Welcome to another weekly watchlist post !
Last week went well , the market continued to grind higher as usual, and nothing on that end has changed. Earnings are starting to slow down , but despite that , there a a few good looking swing setups in contention for the following week. So let's get to it 👀
(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. ROKU ($ROKU)
$ROKU - DAILY UNTIL 8/27
Roku looks to have put in at least a short term bottom. Coming off demand from 340 , we have started to hold higher above 351 , first higher hold since the down move. Now we just need to get momentum going back over 365 , and 390 shouldn't be to far off.
KEY LEVELS: 364.86 - Key upside resistance comes from 365-367. W tried to breakout earlier this week , but got sent right back down to support. If we can start holding over 365 , 370 would be nice and then 380-381 and gradually 390. Setup is looking good so let's see.
351.21 - Key zone to hold 351-352 if buyers want to get the upside boom boom. We have held for 4 consecutive trading days , kind of forming a bit of a bull flag formation. If we can continue holding here , momentum will continue to build for buyers to push for that upside breakout.
339.64 - Demand zone , unlikely we break , if we see some intraday flush into here would look to be a buyer , but on the bounce we would need to recapture 352 or else we will start basing for a potential move lower.
2. PAYPAL ($PYPL)
$PYPL - DAILY UNTIL 8/27
We got the daily wedge we were eyeing last week. , and what's even better is we held on the restest. 273 was the support + breakout , while 280 had selling last week . With the hold it looks like the next leg to the upside is starting as we likely break 281 and continue back towards 286 , 289.
281.68 : Most recent upside resistance + the breakdown. Likely to see some selling here on the initial move , but once we clear and hold , should be smooth sailing towards 285, 287
277.1 : We were holding 277 early in the week on 8/24 and 8/25. We broke down on 8/26 with the market pullback , but recaptured it to the the week. This will be the key hold we need for momentum to the upside. Buyer over 277 , looking for move back towards 281-282 👀
273.5 : Key support for the week , doubt we come back down here , but if wwe do , would prefer long side trades.
3. TWILIO ($TWLO)
$TWLO - DAILY UNTIL 8/27
TWLO started the reversal process last week , and it looks like we have more to come . After breaking back over 346 we continued to grind up , and with the strong close last week , it looks like TWLO is getting set for a 363 break to retest the breakdown at 369 , and potentially continue towards 382. 363 will be the key
368.79 : The initial start of the breakdown , we revisited it and rejected again the following day. Definitely have some sellers located here , but if we can base over 363 , we should cut right thru on the 2nd upside move.
363 : 360 offered some midweek selling , but i still like clearing that 363 zone for a better confirmation break. Mid 360 was the gap down breakdown , while 363 was the key support breakdown , so keep an eye on this zone. Back over 363 , we visit 368-9
352 ish: The higher end base for most of last week seemed to be just around mid 352, where we had a 4 day consolidation. Would keep this as the short term support , breaking back under triggers a likely move to 346.
4. COINBASE ($COIN)
Coin looking like a nice little bull flag formation. ut apart from that we have a key level off 255 which held for the weekly close. Continuing to hold here is likely to trigger the upside break back over 268. With crypto back on the uprise , it will be interesting to see what coin has in store.
267.85 - 266 to 268 filled with some selling. If we break here and hold , we could see boom boom 👀. Back over 268 we are likely to steer free of big sellers until 280 or 291. Getting back over here would also get the initial upside leg on the bull flag breakout.
254.9 - Apart from 8/26 , we held 255 every trading day last week. That 255 flush and recapture just likely just acted as a slingshot , and we should see a nice continuation to upside for the week to follow. Buyer over this zone for sure.
5. ZOOM ($ZM)
$ZM - DAILY UNTIL 8/27
Not to many clear levels I have on this one , but with earnings coming up , knowing zoom , it's likely to see some solid moves. The trend is definitely on the weaker end , especially under 355, but that sentiment can change quickly postER .
401.2 - We do have quite a few important levels on the upside around 364, 373 , but the big area comes around just over 400. 2x rejection off the zone , and off the most recent one , getting a nice downwards move. Will be interesting to see if we can break this zone with some positive ER reaction , or if we will remain weak with sellers stepping in again.
355.17 - The 355 area will be pretty crucial on an hourly and daily basis . We tried to break it on a gap up mid week on 8/26 , but sellers stayed strong. Off it we headed back to the bounce zone, but will the zone hold this time around 😯
316.4 - on the downside we had initial bounce support at 330 which held, but still shows weakness. But under that the next zone comes in close to 316.4. Gap don towards here, after ER I would look to be a buyer, if we break under we likely head towards 300.
A FEW EXTRAS:
$CRWD - Earnings coming out this week , we just closed last week on new all time highs. 268.7 was the breakout zone last week , so I would be eyeing buyers on a pullback towards 267-8. Meanwhile if we keeping griding up , utilize a 30 min or a hourly consolidation zone to play the continuation.
$FUTU - Also coming out with earnings this week , key areas to watch include 104.9 , mid 117 and 130 on the upside. On the downside mid 85-86 and 89.
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