Week of , August 13th– Swing Trades Watchlist, Technical Analysis ONLY
- ATVI – ACTIVISION
o Saw a large drop after earnings report, beat on EPS, very possible an over-reaction (3 day rule), after the drop we saw it hit the 200SMA near 70$, with the dip under that MA being bought, with 2 consecutive green closes after. Good risk/reward in this area.
o Entry would be in the area that it is in now, 70-71, would be small, and would want to scale on the way up if the trend holds.
o Mental stop loss would be under that 200SMA around 69$ (maybe even a tad lower) so that you wouldn’t get shaken out by an MM sweep. If it goes under that 200SMA, I wouldn’t touch it, would wait to see where the floor is.
o Resistances to watch would be 73, 75 (65SMA), 76 (50MA), 80, and then watch for the high break of 82.
o Support to watch is only that 200MA, otherwise I would be a spectator.
o Will keep this on high watch Monday morning to see what the market does, If I enter it would be SMALL and I would respect the stop loss/mental if it doesn’t work out. Plan your trade accordingly!
2. CGC – CANOPY GROWTH
o One of the many marijuana stocks trying to get a piece of the pie with the upcoming legalization in Canada this fall
o Was only watching this stock because it was getting close to reclaiming that 50SMA (28.75), however on Friday, it hit that 50MA and bounced off, and closed red.
o Will watch to see what happens around that 50SMA, and ONLY take a position if it can break and hold that 50MA.
o If it were able to re-claim and hold that 50SMA, I would use that area as an entry, and a mental stop loss, similar to ATVI. This is ONLY if it can re-claim that 50SMA. Keep this on watch for the next couple weeks, could see a nice run if it can re-claim that 50SMA to the double top high of 36.50.
3. BIDU – BAIDU (“GOOGLE OF CHINA”)
o This is one of my favorite “expensive” (don’t like that word) stocks that I keep on my watch list. It is finally back in the buying range (look at the 1/2/3 year chart to understand the patterns).
o It is near that support of 220-215 that I have been watching for, played this last time in was in the 220s
o Has seen this drop because of the competition that GOOG could be bringing into China, which BIDU hasn’t faced before.
o Has strong support in the 215-220 range, where 216 was the previous resistance (zoom out and youll see).
o This is gonna be a high watch for me this week to see what happens, if I enter it will be in this range that it is currently in, with a mental stop loss near the 210-205 range, which if it broke, would tell me that this move is done and it is going back to the old support/resistance (zoom out!).
o Really like the r/R here, potential 15$ loss, for a 60$ gain (resistance is 270-280 (ATH is 284), with a 4/1 ratio.
4. TEAM – ATLASSIAN CORP
o This stock has been a monster recently, up over 100% inless than a year, but don’t let that scare you!
o After the earnings beat, we saw the old resistance (69) obligterated, with the stock hitting a 52 week high of 79.82.
o Since that we have seen a pullback back into that 69 resistance area, which was then converted into the support area. Therefore the trend is still in tact and I will be watching this closely.
o Ill be specifically watching to see if that 52 week high can be broken, currently at 78$, or if it cant be broken, watching for another pullback towards the 69$ range.
o If it breaks that 52 week high, watch for the pullback back to the 79-80 range to see if that acts as support
o Most likely will not be entering a position this week, but I think this is a great stock to keep an eye on for the near future and what these next few weeks can bring us. Watch those sup/res levels closely.
Other Stocks I Will Be Watching
o MTCH, DBX, SEND, ALRM, SAIL, CUTR, DOCU, YEXT, KEM, SHOP
Disclaimer= Everything I write on here is my personal opinion, and shouldn’t be taken as 100% true. Make sure to do your own DD and not to blindly follow others, no matter how “good” of traders they are. All traders are wrong, so don’t be surprised if something on my watch list doesn’t happen exactly how I wrote it down. The important thing is to make a plan, stick to it, and if something changes, adjust it accordingly. Making a plan helps curb your emotions when investing, and keeps you objective. Good luck, hope this helps.
If you enjoyed this post, feel free to DM me and I can get you some resources/cheat sheets or other material that can help you become a better trader. Cheers
Submitted August 12, 2018 at 12:26PM by coquinaa https://ift.tt/2OsBup2
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