Updated: Sep 5, 2021
Hello everyone and welcome to another weekly watchlist post by True Trade !
Last week was killer , probably one of the best ,if not the best watchlist of the year with 4/5 of the stocks giving a solid 5% + moves and even 200-300% moves with options. Might be tough to follow that performance, but you know , we at True Trade like to outdo ourselves 😉.
There is a lot of skepticism around the market , especially for the month of September because it generally is one of the worst performing months over the last 30+ years. But as always I advise you do not fall into a "fear trap" and start taking counter trend market positions out of that fear and speculation.
Yes we could pull back , but we can pullback at anytime , as short term traders , we want to let price tell us what's happening , as as of now , the price action in the overall market is definitely not bearish , so keep that in mind when placing your next trades.
Now to get into this week's list 🚀
(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)
$SQ - DAILY UNTIL 9/3
Didn't do a whole last week , expect keep giving short trades off 273. SQ has has a tone of sellers sitting there and they have failed to give in. But can we break this upcoming week 👀. Buyers have continued to step in off 262 , but let's see if they are strong enough to hold and push forward.
275 - 275 has had some sell pressure as well , basically that whole area from 273-5 is filled with sellers , if 273 can start holding buyers we should zoom thru 275, and if we can get a holding over here we should head back towards the 280's. I still do hold more importance on tht 273 level .
273 - Big resistance here , we tried to breakout on 8/31 , held for a few minutes before flushing right back under. If buyers can start to base here we could get the necessary momentum to break to the upside over 275/6.
266.4 - Pivot level for buyers. Daily closes have held over the last weak , and this is where buyers have continued to step in. The consolidation has occurred from 266.4 - 273 for the most part. Breaking back under here opens the gates for 261. This ill b my long pivot for the week , if we can gold here i will still be interested in long trades , while if we get under i will be aware of potential weakness to come.
261.28 - Getting back under this level is not a good sign for buyers and would indicate, at least for the short term, that they have failed to gather enough momentum to get an upside breakout. back under ehre opens the gate for 255.
2. SNOWFLAKE ($SNOW)
$SNOW - DAILY UNTIL 9/3
Snow has been on a tear since earnings. Well it actually dipped after the earnings gap up , and looks ready to blast off once again. There isn't a huge short interest in this ticker , being just under 5%. But that small amount can get this set for a quick intraday squeeze if we start getting over 315. Strong uptrend ,definitely keep a close eye for this one next week.
324.87 - If we can spike 315 and get a short squeeze 325 is where we would likely cap off. Doesn't mean we get all the way up towards this level , but the closer we do get the more I like short trade potential.
312-315 - upside selling should ensue here , it's the big sell location for over the last year , we have not had a daily close over 315 this whole trading year. can even start to look for short trades here on weakness.
305.25 - Short term breakout here. We had sellers stepping in a few times just around 305 in the past 2 weeks , but were finally able to get a hold over the zone to end lasts week. Will keep this as the short term pivot , holding 305 early next weeks can setup a move towards 315 , while getting under opens the gate for 300.
3. PAYPAL ($PYPL)
$PYPL - DAILY UNTIL 9/3
Back on the list this week PYPL has been on fire since the wedge breakout + postove news regarding there stock trading platform. We have seen sellers etp in off 292 , but we have continued to hold the base at 285 getting into a bull flag formation. can we setup for another move higher 👀
295.52 - Had initial buyers at 295 before the earnings gap and flush lower. Expect sellers to be positioned at this zone , meanwhile if we get over , it opens gates for new all tim highs.
292- Sellers sitting right here , in consolidation formation , until 292 can break we will remain in our consolidation formation.
285.37 - Lower end of current consolidation , buyers have continued to step in here , and this is where I'd look to be a buyer over . Break under opens the gates for a quick move towards 2282.
4. MODERNA ($MRNA)
$MRNA - DAILY UNTIL 9/3
Moderna was one of those crazy runners just a few weeks ago. After having about a 2 week consolidation , is it ready to take off again 👀. Back over 405 can defiantly trigger another upside move.
456.76 - Have an unfilled gap here on the upside , if MRNA really gets going and start to hold over 430 we could try for a quick squeeze to the gap.
430-2 - An upside profit target where we should see some selling ensue. Was resistance on the first leg up , and then breaking it produced a run back to 500. So keep a close eye here.
406.07 - This was the resistance for that month long selling that we have had. Sellers have continued to hold under 406 just until we broke to close last week. Holding here is crucial if MRNA really wants to get a move going back to the upside. We do have short term sellers sitting at 420 as well , right before that 430 level.
389.64 - if we get back under 406 , we the next good downside support comes into the base we have had around 390. Buyers held here 3 days gradually grinding higher to get that 406 breakout.
5. BROADCOM ($AVGO)
$AVGO - DAILY UNTIL 9/3
With earnings coming out to end last week we saw AVGO giving a nice pre market bounce off 490 , almost getting to a new all time high. We did end up rejecting , but there is potential in store for AVGO to try for new highs if we can hold 496.
505-6 - Sell zone , just around the all time highs , where we got our initial pivot to pullback , and where we rejected to close last week on 9/3. Should see some selling here again , but with higher holds leading up to here we should break and make a new high.
501.29 - Buyers tried to hold this 501 level 2 x on 9/3 but failed but attempt when sellers came in strong. Getting the higher hold here is what would trigger the upsie break over 505. While holding under puts the ball back in the seller's favor.
496.27 - Would like this as the intraday pivot play , over 496 like long trades, while under we can see a quick move back towards 490. Held successfully on multiple attempts on 9/3 , lets see if it will be enough to get some upside continuation.
6. CROWDSTRIKE ($CRWD)
$CRWD - DALY UNTIL 9/3
Crowd also came out with earnings last week , and it has held support pretty well. Could definitely be setting up for the next leg high , especially if we can get over 279.
286.73 - Highest daily close , also tried to break on a restes on 8/31 and 9/1 but sellers stayed strong
278.77 - The mid level pivot , if buyers can start holding back over here , we could be setting up for the nxt leg higher, meanwhile if sellers stay strong we will likely get a push back towards 275 and then gradually towards 269.
268.73 - Been support since the breakout, if we fail here , would shift trend back from up to down , in the short term. WOuld open gates for 266 pretty quickly and then if sellers really step in might gradually puhh back towards the open gap at 246.
7. DOCUSIGN ($DOCU)
$DOCU - DAILY UNTIL 9/3
Docusign is another post earnings candidate. With numbers coming out on 9/3 , DOCU looks set for a new all time high, especially if we hold 308. Positive er reaction is definitely in the buyers favor.
314.76 - the former ath , we same some sellers coming into just under 314 to close last week , but more of an upside profit target to keep in mind, rather than a short zone.
308.5 - The kay daily level for buyer strength. We got back over it to close last week and now if buyers can continue to hold .
303 - Was a breakdown candle and proved to be a valuable pivot the last few weeks. If we do break back under 305 , would watch 303 or 300 for potential buyers to step in , although failing to hold 308 can put short term sellers back in control.
290.89 - Multiday base , and also where we took off after earnings , big demand zone built here , would want to still look to be a buyer back towards here if 308 fails.
8. TWILIO ($TWLO)
$TWLO - DAILY UNTIL 9/3
Twlo is back on the list from last week as well. We spent all week consolidation before finally breaking back up to end the week. The 363 level from last week shifted a bit higher towards 364 with 3 days holding under it , but apart from that the original thesis is in play from last week.
381.94 - Bigger upside resistance still in store , as we had a multiday base here before pushing lower , would keep a close eye on here and probably favor shorts the closer we get, but always wait for weakness to confirm.
368.79 - The current resistance. We gapped up to start last trading week and sold off pretty hard from here , getting back towards 356 the next trading day.If this next move can break and hold over 369 , we should see a quick break over 371 and a push for that 380.
364.45 - 3 day rejection followed by the breakout on 9/3. We could see slightly lower , maybe 363 before sellers step in again , but I'd wait for the 364,5 hold just to be sure. Holding here creates momentum for 369, which then would create momentum for buyers to continue higher.
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 !
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