Live Charts

When reviewing this watch list in retrospect, please be alerted that the charts herein are live and do not represent the state they had when we initially posted this watch list.

Review

On Friday, earnings winner ADSK and earnings loser FL provided perfect trading opportunities. Unfortunately, WMT and CBI both rallied on a gap up while we were only interested in joining a trend on a gap down. Overall, though, we were able to profitably conclude an eventful week.

At this time, there is no A+ setup for tomorrow available yet. We will have to wait and see how tomorrow’s pre-market trading turns out. Here are the best setups which we consider trading tomorrow morning:

ADSK

ADSK

ADSK has seen a big gap on its already extremely strong daily chart. Since we didn’t see any kind of power close on it, any short idea should be treated cautiously. If we see a slight weak open and a remount towards the $111.70 area, the plan is to join a confirmed long trend. On a gap up, however, we will avoid trading the stock.

NVDA

NVDA

NVDA remains an overly strong stock. After we saw some profit taking on Friday’s big gap up which was triggered by a price target increase, the plan is to join the buy side strength on any weak open for a red to green or even $140.00 move.

UVXY

UVXY

After last weeks SPY unwind, the overall market saw an increase in fear and therefore an increase in volatility which sent UVXY straight up to the $16.00 mark. After the market bounced back nicely on Thursday and Friday and UVXY dipped back alongside with it, the idea is to join a weak open for a red to green move for a slight bounce move. Important to note is that the plan is conditioned on SPY showing a whiff of weakness.

FL

FL

Friday’s biggest earnings loser gave us a solid all day fader setup. Since the overall intraday unwind is more or less reasonable and not too oversold, the idea is to join another leg down after a slight gap up push and fail. However, if we gap down significantly, it might also offer a relief bounce setup long. Hence, FL should be traded reactively.

NBR

NBR

All throughout May, NBR has built a superb base in the $9.50 to $10.50 area. As the stock trended all day long last Friday and finished the day with a strong close, we will look for a $10.50 breakout to join the long trend once the $10.50 area has been confirmed as support.

MOMO

MOMO

Nice daily chart that offers plenty of continuation plays on the overall uptrend. We saw a big push towards the $45.00 magnet last week. After retesting the $40.00 support area and pushing back up last Friday, the plan is to join any weak open for a red to green continuation move for a $45.00 retest or even breakout.

EXEL

EXEL

EXEL has shown enormous weakness throughout May. After Thursday’s relief bounce, the stock was sold back down on Friday to a major support level in the 52 week chart. We will wait and see how the $19.50 area supports the chart. The plan is to look for a gap up (if any) and continued weakness below the $19.50 price level to join any confirmation below this point.

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