Merchants, I stay up for sharing a few of my prime concepts for the upcoming week with you all, together with entry and exit plans.
First up:
Notable Relative Weak point in PLTR: PLTR has, for a number of weeks, displayed notable weak point in its sector and general market. The weak point correlation widened on Friday to the general market. Together with the r/w is the tight consolidation that has fashioned at converging key SMAs. Now, $160 acts as resistance with $150 key assist.
Two potential commerce alternatives exist for the upcoming week. First, weak point expands to the market, and PLTR trades under or gaps under and holds under key $150 assist. If that occurs, I’ll look to quick intraday momentum goal weak point towards its 100-day SMA.
Alternatively, the weak point will get paired, and we see PLTR flip to relative power. The clearest sign of that may be a reclaim above $160 and a breakout intraday. If that had been to occur, I’d be lengthy in opposition to the earlier 5-minute increased low.
*Please observe that the costs and different statistics on this web page are hypothetical, and don’t replicate the affect, if any, of sure market elements comparable to liquidity, slippage and commissions.
Continuation in UNH: Stable power and motion on Friday in UNH, and doubtlessly prepared for a number of days of continuation if it could possibly maintain above Friday’s excessive and construct over VWAP. If value motion confirms above Friday’s excessive, I’d look to get lengthy in opposition to the LOD, with a earlier. LOD path if it follows by way of. The rule of thumb on managing this may be taking earnings and scaling out into measured ATR upmoves, concentrating on as much as three days of continuation for the majority of it.
*Please observe that the costs and different statistics on this web page are hypothetical, and don’t replicate the affect, if any, of sure market elements comparable to liquidity, slippage and commissions.
Frontside in OPEN: A completely relentless identify, as I’ve talked about over and over in latest IA conferences, there’s no cause to be positioned quick but. The vary intraday on each side is good for buying and selling. So far as I’m involved, it’s been a improbable buying and selling car. That can proceed to be the way in which during which I method it going ahead.
However when will that change? After Thursday’s breakout and continuation, and the inventory’s reclaim on Friday, I’d solely look to aggressively place quick and develop a agency intraday bias if the inventory gaps and extends on Monday / Tuesday. I must see a minimal of three days of quantity and vary growth earlier than I start stalking for both a blow-off, failed follow-through, development break, first pink day, or ideally an intraday parabolic transfer and decrease excessive. Let’s see the place it opens Monday morning.
*Please observe that the costs and different statistics on this web page are hypothetical, and don’t replicate the affect, if any, of sure market elements comparable to liquidity, slippage and commissions.
Further Names on Watch:
Coil in Tesla: Stable motion on Friday in Tesla. Going ahead, I’ll be monitoring for a maintain above Friday’s excessive and clear r/s to the market. If that occurs, I’d be lengthy in opposition to the LOD, exiting a piece on a transfer towards $360 resistance intraday. If it reclaims above $360 and holds, I’ll path the remainder in opposition to prev. LOD, and doubtlessly add again relying on the r/s and the general market’s positioning.
*Please observe that the costs and different statistics on this web page are hypothetical, and don’t replicate the affect, if any, of sure market elements comparable to liquidity, slippage and commissions.
Shorting Pops in HOUR: I’ll have alerts set towards $4.5 – $5 in HOUR for Monday. If the inventory pushes and fails sharply, I’ll be open to shorting decrease highs for continuation and failed follow-through, concentrating on a transfer towards $3.5
*Please observe that the costs and different statistics on this web page are hypothetical, and don’t replicate the affect, if any, of sure market elements comparable to liquidity, slippage and commissions.
Pops to Quick in NBY: Good fail and development break on Friday. If NBY fails to comply with by way of at $4 and confirms a decrease excessive on the hourly, I’ll search for a brief in opposition to the HOD, concentrating on a decrease low on the hourly versus Friday’s low.
*Please observe that the costs and different statistics on this web page are hypothetical, and don’t replicate the affect, if any, of sure market elements comparable to liquidity, slippage and commissions.
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