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Good Evening Horsemen Traders!
Check out a recap of last week’s watch-list here.
Last week the market gave us yet another V-Shape recovery. This time we gapped down hard on Monday giving us a nice bottom wick then higher lows the rest of the week. It sure looks like there were enough bulls to fill the gap down from Monday. This week we’ll be watching to see how far this bull run will go before we hit some sturdy resistance. It looks like we had trouble breaking higher on Friday but that isn’t a indication of anything in particular.
Overall I think we are going to be in a bull market for the next few months with a variety of risks that can affect the market. These include Covid variant fears, slowing economy, tapering, inflation, overall stock valuations and geopolitical knee jerk reactions.
As always feel free to leave questions or comments, I am always happy to answer questions and talk stocks.
The Watch-List below is a mix of individual and sector based momentum plays.
This watch-list is geared to the average short term swing trader and day trader. Key levels are guidelines for entries both long and short depending on if price is moving above (long) or below (short) the key level. The resistance and support levels given can then be used as targets for both long and short trade.
$NOVN
- Key Level is 8
- If key level can hold support then I'm looking for a quick retest of the 8.5/9 level
- If key level cannot hold support I'm watching for 7.8 then 7.5 as next support areas.
- Friday Zacks research released a massive price target at 72
- Also recently released safety data on phase 3 study.
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$AEHR
- Key Level is 15
- If key level can hold support then I'm looking for a retest of 16 then 17 resistance areas
- If key level cannot hold support I'll be watching for 13.50 then 12.5 as next support areas
- Beat guidance off Earnings Report
- Saw major gap up on Friday with major volume. We'll be watching for continuation
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$FSR
- Key Level is 14.5
- If key level can hold support then I'll be looking for a retest of 15 (200ema) area. Break 200ema and we can run to 17 pretty fast
- If key level cannot hold support I'll be watching for a bounce off the 20ema at 14 with a gap fill around 13.65
- Gapped up with market then received a nice 19 PT from Tudor Pickering
- If price can break 200ema we could see a push toward 17, watching for volume to stay higher for confirmation of uptrend.
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$LCID
- Key Level is 25
- If key level can hold support then I'll be looking for a run back to 26 then 28. 30 is recent analyst PT
- If key level cannot hold support then next support is 24 after that 22.5 which is 20ema
- Price has run up the past two weeks. I like the consolidation at 25, daily chart looking like a pivot is coming.
- If we get a lot of selling volume look to short this as price is extended and major support is in the low 20's
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$CDTX - low volume swing play
- Key Level 2.18 (200ema)
- If key level can hold support then I'll be looking for a breakout of 2.3 for a run to 2.5
- If key level cannot hold support then I will be watching for 2.10 (20ema) then 2 as next support area.
- Analyst maintains buy, PT 8
- WBB Securities upgrades Cidara to "Strong Buy"
- Director acquired 7000 shares at an average price of 2.12
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$UBER
- Key Level is 45.5
- If key level can hold support then I'm looking for a retest of 47+
- If key level cannot hold support then I'll be watching for next support around 44.5 then 43(50ema) then 42(20ema)
- Price jumped last week on revised Q3 2021 outlook, expecting earnings before interest.
- On Friday price broke the 200ema which is a strong resistance level at 46.5, If price stays above 200ema then we can see a run back to 50's I think.
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$MRIN
- Key Level is 9.5
- If key level can hold support then I'm looking for a push back to 10+, then 11.5 area.
- If key level cannot hold support then next support is 8.5, 7.5, 7 with a gap fill all the way back to 5.75
- News released last week "company entered into a revenue share agreement with Google..."
- Friday gave us a nice squeeze while making a higher low then breaking recent resistance.
- Chart looks strong for a break of that 11.30 Friday high.
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$BB
- Key Level is 10
- If key level can hold support then I will be looking for a break of 10.5 which is 50ema. After that 11 then 11.5 is final short term target
- If key level cannot hold support then we will be watching for a bounce at the 200ema which is 9.85 then 9.5 which is price support
- News: Beat analyst estimates, 3rd most mentioned stock on wall street bets
- Short interest showing a lot of covering, we could see a major move on this one.
- Gap up above 200ema while holding higher support...Here comes the boom boom.
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$MRM
- Key Level is 11-10 area
- If price holds key level then we can see a move back up to 14,16,18.
- If 11 breaks support I will watch to see how price reacts to 10 area (200ema).
- Announced acquisition news last week, first stage to complete Oct 1
- Had 40M volume on news. We should see some more volatility here.
- 3M float
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$RNAZ
- Key Level is 3.5
- If key level can hold support then I will be looking for next targets at 3.75 then 4
- If key level cannot hold support then I will be watching for a pull back to 3.25-3 area.
- News last week: "announces preclinical data supporting therapeutic potential in Metastatic breast cancer"
- 200M volume on news, held support at 50ema after hitting 200ema on daily
- Nice range on the daily if price can hold higher lows, also watching for short scalps on run ups if volume stays lower.
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