Traders,
I look forward to sharing my thoughts and top ideas with you for the upcoming week.
This week’s layout will differ slightly from previous weeks as I am traveling this weekend. So there will just be a blog post and no video this weekend.
But rest assured, I will not leave you hanging. I have a lengthy watchlist of names for the upcoming week, and I’ll provide a brief and concise plan for each.
As discussed in my most recent Inside Access meeting, I observed a significant shift in market sentiment and momentum. With that shift, several top swing long setups presented themselves. Most recently and notably was the ASTS breakout from Friday, as I discussed in Thursday’s Inside Access meeting.
For the week ahead, my focus shifts from breakouts to higher lows in several names that broke out and bucked the trend, along with some small caps on watch for pops to short.
Higher Low in GOOGL
The Idea: Support was found, and a higher low was formed within a higher timeframe (daily and weekly chart). Going forward, looking for further build and continuation to the upside as the bounce continues.
*Please note that the prices and other statistics on this page are hypothetical, and do not reflect the impact, if any, of certain market factors such as liquidity, slippage and commissions.
The Plan: I won’t chase highs. Instead, I am looking for a base to develop over Friday’s low / A higher low formation on the hourly chart if the stock can pull back near $154 for entry to the long side with a stop vs. LOD.
Continuation in MU
The Idea: Double-bottom formation in MU.
*Please note that the prices and other statistics on this page are hypothetical, and do not reflect the impact, if any, of certain market factors such as liquidity, slippage and commissions.
The Plan: Further build and support above Friday’s high for a long entry versus the day’s low. Alternatively, a pullback and higher low confirmed near its 5-day SMA.
Breakout in NFLX
The Idea: Consolidation near 52-week Highs, approaching critical breakout zone.
*Please note that the prices and other statistics on this page are hypothetical, and do not reflect the impact, if any, of certain market factors such as liquidity, slippage and commissions.
The Plan: Relative strength on a market pullback, confirming a higher low and hold over the 2-day / multi-day VWAP for a starter long position. I would look to add/initiate a position if NFLX breaks above Friday’s high with elevated volume and bases above the high – confirming buyers have stepped higher.
Continuation in ASTS
Following on from the breakout idea given on Thursday in the Inside Access meeting, I am now looking for a hold over the multi-day VWAP and reclaim of $30. After that, I’ll look to be long versus the LOD for continuation, targeting a move above Friday’s high to begin trailing my stop on the 5-minute timeframe.
*Please note that the prices and other statistics on this page are hypothetical, and do not reflect the impact, if any, of certain market factors such as liquidity, slippage and commissions.
Small Cap Watchlist
IMRX: Failure to reclaim its 2-day / multi-day VWAP for a short and momentum to the downside. Targeting a quick push and fail near $2.20 + and fail for a day two short.
*Please note that the prices and other statistics on this page are hypothetical, and do not reflect the impact, if any, of certain market factors such as liquidity, slippage and commissions.
ATPC: Similar thoughts to IMRX. Ideally, a significant push near its 2-day VWAP, $2.2 – $2.5 and fail for the short.
*Please note that the prices and other statistics on this page are hypothetical, and do not reflect the impact, if any, of certain market factors such as liquidity, slippage and commissions.
TIL: No interest in going long at these prices. Indeed, it is not a stock to watch for newer traders, given the liquidity, spread, and volatility. Once this tops out and confirms the backside, I will look for a lower high short versus a definitive level with well-defined risk.
*Please note that the prices and other statistics on this page are hypothetical, and do not reflect the impact, if any, of certain market factors such as liquidity, slippage and commissions.