Watchlist 5/3 - 5/7
Hello everyone and welcome to another weekly watchlist by True Trade ! The market remains in a bullish environment, as we continue to base, ya there has been a lot more choppiness. Continue to look for long trades, with some key supports listed below:
/ES (SPY) :
4172.25 ( 416.26 ) - Most recent base support
4114 (410.85) - The next most solid base support
- Wouldn't be too interested in going short until we atleast break 416.
(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 !)
Another week of earnings continues, and as usually we will utilize some of those key stocks in today's list. Hope you all caught some fire movement's off last week's list... alot of them hit there buy/sell targets, and gave superb trading opportunities 👀
I'll only post some im watching for this week, post earnings
1. CHEGG ($CHGG)
$CHGG - DAILY UNTIL 4/30
The overall trend on CHEGG has been looking a little weaker than some stocks out there , but it has started to see some recent buying off that 82 support, basing higher off 88. Those two supports will be crucial for the upside this coming week.
KEY LEVELS: 96.21 - Most recent sell off resistance , look to stay short under here until a daily close over
88 - Most recent support , look to stay long intraday over this zone
81.61 - Bigger support zone , 2x bounces already , and the big buy level, if we break under sellers will take full control down to 75
2. ROKU ($ROKU)
$ROKU - DAILY UNTIL 4/30
Next up we have a fan favorite in Roku. A lot of eyes will be on this one this upcoming week, it iis a bit more of a pricer choice, but when it moves... it moves. Off its recent 294 bounce , we found ourselves back at the 395 breakdown candle, but we failed to get back over. After a few attempts, the trend started to head back down. For the coming week, I like the short side on Roku more especially if we can break 334 again.
KEY LEVELS:
395 - Breakdown location , lots of sellers positioned here, if we can break , a move back towards 415-420 is very likely
333.85 - Most recent support, keep your eye out here , maybe we come a bit lower towards 325, but any lower and its possible to revisit those 295 pivot lows.
270 - The big buyer support, have it on here in case we see a drop after earnings, I will be looking to be a buyer around this zone , but before this 293-5 is support.
3. PELOTON ($PTON)
$PTON - DAILY UNTIL 4/30
Pton has been on a very steady down trend, trying to find buyers off 100 on the initial dip but rejecting lower off 123 before heading lower. If earnings reactions are poor we can see a steep pullback towards potentially 90 or 78
KEY LEVELS:
117.15 - The last breakdown location , can see resistance here, but 124 is more likely where sellers have shown life, look to be short around there , breaks that and we head to 127 , maybe 137, 144.
106.5 - The last breakdown area, look for sellers here in short term
99.67 - Just broke under key support on 4/30, if we gap back and hold over top start the week can look to go long again
89.4 - next downside support
4. FASTLY ($FSLY)
$FSLY - DAILY UNTIL 4/30
Similarly, FLSY has also had a pretty steady down trend, and has ranged the last few weeks between 62 and 72, a playable range. Look for a break either side for the bigger move.
KEY LEVELS:
72.03 - The most recent resistance zone , unless we break with positive earnings reaction, continue to look for short trades here 62.14 - Downside support, base for consolidation, not likely to break until after ER , but if we do , a move back to 52 is possible.
51.98 -Last big breakup location, looking to be a buyer off this zone.
5. TWILIO ($TWLO)
Twlo has had a nice recovery from its selloff a few weeks ago, and has started to base higher off the 3360 zone , as long as we hold here, I like long side trades. On the upside 400 looks to be the most recent resistance, will it break back to highs after earnings, lets see 👀
KEY LEVELS:
400.68 - Looks like sellers are sitting off thaat 400 zone on the last pivot, although decent resistance does come in higher around 416 and 435, keep you eye for weakness along these zones to short , especially the 416 ish area .
361 - The most recent support, after bounce from 305, we pulled back and held higher off this zone, will be my daily over under level
327.61 - The last pivot resistance before breaking up on 3/31 , we have some buyers closer to 348-350 as well, so let's see how we move once earnings are released.
EXTRAS:
Take a peak again at: https://www.truetradellc.com/post/market-watchlist-4-26-4-30 , alot of those levels are still super valid 👀👀👀
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( remember the numbers given in watchlist can remain valid later in time but may also change a bit if the number has already been hit a few times , so keep them in mind, and don't hesitate to drop us any questions. Furthermore, go back check out our prior watchlists, see if you see anything at a key level to take for the next week 😯)
https://www.truetradellc.com/blog/categories/watchlists
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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Hope you all have a wonderful rest of your weekend, and a great upcoming week :)
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