Merchants,
One other eventful week that has continued to verify the adjustments and changes mentioned and made over the past a number of weeks. This week, nevertheless, there can be a change within the setups I’m in search of, so stick round as I share my prime concepts for the week, together with my precise entry and exit targets for concepts that may make substantial strikes.
One of many massive speaking factors from final week is the selloff on Friday. Particularly, the selloff skilled throughout a number of semiconductor names. That’s the place the chance seems to be best for me for the upcoming week. So, let’s bounce straight into it.
Capitulation Bounce in NVDA
NVDA closed the day down 10% on Friday, which I consider is its worst efficiency because the Covid crash in March 2020. The transfer on Friday additionally worn out a pair hundred billion in market cap for Nvidia…simply insane.
Whereas Friday’s transfer introduced all types of alternatives, whether or not with choices, swing buying and selling, or momentum scalping, it was actually a implausible mover. Going ahead, although, I’m in search of additional panic and, ideally, a bounce commerce.
*Please be aware that the costs and different statistics on this web page are hypothetical, and don’t replicate the impression, if any, of sure market components resembling liquidity, slippage and commissions.
Right here’s my plan:
NVDA’s earlier resistance, which turned to help from earnings in February, is across the $750 mark. Give or take some vary, I’d be in search of a washout close to this space on Monday / the upcoming week and a right away snapback and better low, confirming some demand and a stage to threat in opposition to. With that affirmation, relying on the setup, I’d be lengthy vs. both the LOD or increased low and goal a transfer towards the 2-day VWAP for a bounce commerce.
*Please be aware that the costs and different statistics on this web page are hypothetical, and don’t replicate the impression, if any, of sure market components resembling liquidity, slippage and commissions.
Equally, I’m watching SOXL and SMH, sector ETFs, for a swing lengthy. For instance, in SOXL, down virtually 50% from its 52-week excessive, I’m in search of a transfer towards its 200-day SMA and intraday vwap reclaim, increased lows, to verify a reversal, to enter lengthy. A powerful/inexperienced shut would get me so as to add to the place, risking the day’s low, in search of a 2 – 3 day bounce alternative within the sector. For the swing lengthy in SOXL, I’m seeking to path my cease utilizing increased lows on the 15-minute timeframe, scaling out slowly because it makes new vital increased highs over a number of days.
Further Concepts / Alerts Set within the Following:
DJT: Stable multi-day bounce final week. I’m in search of a re-entry for a swing lengthy right here. Ideally, this goes increased, $38 – $40, earlier than breaking the mini uptrend. Nonetheless, if $35 – $36 fails this week on a push and we get a decrease excessive / uptrend break, I can be quick for a swing commerce, trailing the place by the prior day’s excessive, in search of a fade again to the lows, whereas locking in alongside the way in which.
*Please be aware that the costs and different statistics on this web page are hypothetical, and don’t replicate the impression, if any, of sure market components resembling liquidity, slippage and commissions.
AGBA: No bias, however based mostly on immense quantity and the setup, this would possibly lead to a squeeze-out earlier than fading. So I’m in search of dips to proceed to get saved and acquired out and a possible breakout over $1.50s and Friday’s excessive for a short-term squeeze. A reactive thought and alerts are set to observe value motion round that zone for a squeeze or doubtlessly a stuff commerce, much like final week’s open-minded plan in TPET.
*Please be aware that the costs and different statistics on this web page are hypothetical, and don’t replicate the impression, if any, of sure market components resembling liquidity, slippage and commissions.
