Stock Market Recap 9/1 + Watchlist Outlook
Hello everyone and welcome to another market recap + midweek update from True Trade. This week has been superb, especially for the watchlist as 4/5 of the stocks have hit sweet gains , while 1 just didn't give a play.
Due to a tighter schedule today I won't be able to do an in depth play of the day breakdown , but get right into the watchlist update.
(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 !)
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WATCHLIST UPDATE:
https://www.truetradellc.com/post/market-watchlist-8-30-9-3
^ If you have not seen the watchlist ^
1. ROKU ($ROKU)
HOURLY
Not going to lie , I got a little frustrated with ROKU early in the week when it kept spiking into and rejecting 361 early morning and then just doing anything the rest of the day. But in the end , the buy level at 351.2 (purple zone) held , and we got a sweet sweet blastoff. That was the best trade opportunity here , just buy 351-2 and wait for boom boom or stop to break.
➡️ The flag just got the brak today , so i would definitely be looking for upside continuation. If 365 can hold then buyers would be looking super strong , but even if we retrace towards 361 , the zone we broke this week , and hold a good bounce play can be available. We saw some selling at the low 370's as expected , but pullback and higher holds can still give us a push back towards 390, which I will definitely be keeping an eye on.
2. PAYPAL ($PYPL)
HOURLY
Paypal was one epic play 🚀. We identified key support back at 277 , we opened the week on a gap up , over 277 (green zone) , giving good long trade potential. Right off the open we hit resistance targets at 281.68 and 283.17 in the first hour , booked some nice profits and then just kept runners with intent to add on a retrace. But then , a few hours in , positive new comes out and paypal just takes off soaring right thru the 286 and 289 targets members took off all there longs into this beautiful spike.
➡️ 292 finally got meet with some selling , but trend is up and strong. Could see a potential pullback lower , but as of the last 2 trading days we have held buyers over 285 , so that would be a good pivot to utilize. If we see a steep pullback , I would like to see high 280's - 281.68 hold for long side trades. Meanwhile is 292 breaks 296 comes in next.
3. TWILIO ($TWLO)
HOURLY
Twlo worked out this week as well. 363 was a key level , and we were looking for continued upside. We gapped over the level to start the week on 8/30 , giving us a long entry (green circle) , and off the entry we hit next upside target into 369. Great long trade. Once 369 started to reject a short trade could've been taken , as it was a key resistance identified (red zone) . The next day (8/31) we gapped back under 363 (red) , and this put another short opportunity on the table , flushing back towards support off 352ish.
➡️ We got back towards 363 today , and started to hold higher over 360 before the end of day flush. We were in a flag formation , so it will be interesting to see how it lays out in terms of tomorrow open. But if we can hold 360 and push back towards 363 I still like upside potential again. Meanwhile if we stay under 361 , a push back to 352 is likely. Big key level remains 363 , but 316 will be an important intraday pivot.
4. COINBASE ($COIN)
DAILY
HOURLY
Coin was phenomenal , giving us 2 great trade opportunities. The daily chart on the top shows the flag breakout we were discussing (purple circle) , we held 254 to start the week on 8/30 and that hold gave us a good long trade from 255 - 263. After that the next day we had a little pullback , this pullback was just a retest of the flag break. On the pullback we were holding under 260 (grey zone), but we were still holding 254 key support (orange circle). Today (9/1) we remained over 255 and recaptured 260 which gave us the trigger break for boom boom. On the break we hit the first target at the top zone of 268 before pushing slightly higher into 272.
➡️ We didn't close today over 268 , but we can see still some upside continuation. Holding over 263 would be ideal on pullbacks if we want to continue pushing higher while breaking 260 would e weak and likely cause a run down towards 255. Breaking back and holding a base at 268 would get momentum for 272 break and potentially 280.
5. ZOOM ($ZM)
DAILY
Very simple explanation on this one. A no trade so far for me this week , as earnings just went terrible and we had a significant drop as a result of it.
➡️ We have see some buying starting to come in just over 288 , but no sign of them taking any control yet whatsoever. On the downside if we break, I would be a morre ntersted buyr close to 273. Meanwhile if we get a move back to the upside , ideal short trades closer to 313-316 range.
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 ^^^
** 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
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