Watchlist 2023-02-27 #UNP #LICY #SQ #TGNA #FTCH #AI
SPY - finished the week with the worst weekly performance of 2023, gapping up slightly into the key 200 EMA and 400 level to start the week. Looking to see how price reacts to this very important levels. A swift rejection and close below on the hourly would point to lower levels for the day, looking at pullbacks for short entries. While if we consolidate and then start to close above, we could certainly see prices test 402 to clear out some shorts. Either way it's hard to say if we will get clear price action in either direction but that's why we have scenarios.
Short Watches:
UNP - up 4 ATRs at 8:30 ET on 0.6 RVOl at time. Huge move on low vol is a short bias. Looking for test and failure over 213.60 with a spot over 217
Long Watches:
LICY - conditional funding commitment of $375M from DoE. Current trend is bullish, PD wide-range red bar to squeeze shorts and flush out longs. Key level is 6.18 for the pivot and PM high. Close above this level for target to the 200 EMA and 6.46 range top.
SQ - huge RVOLon Friday, closing with a bullish hammer. If SPY can find bullish momo, want to be long SQ
Other watches:
TGNA - down 10.0 ATRS in the PM! Talk that their buyout may be blocked. Key pivot is 16.50. Potential capitulation trade if we see a flush out below this level and then start to close above look for long entries.
FTCH - huge vol on Friday. Breaking on of the short term bottom at 5.00. Is trading at a high vol node level at 5.60 right no but if we see lots of consolidation over the day and a VWAP hold I would consider a long.
AI - forming a wedge on the daily. Would preferring to see one more daily of consolidation, with fakeout below 21.38 or a double top at 23.75 where prices has a more clear resistance to breakout from. Either of those scenarios I am interested in a long with target to 26 area.
I focus on names trading elevate RVOL>2, trading past key ranges and pivots, preferably with news catalysts.
Yellow = Support
Purple = Resistance
Red = short opportunity
Green= long opportunity
Short Watches:
UNP - up 4 ATRs at 8:30 ET on 0.6 RVOl at time. Huge move on low vol is a short bias. Looking for test and failure over 213.60 with a spot over 217
Long Watches:
LICY - conditional funding commitment of $375M from DoE. Current trend is bullish, PD wide-range red bar to squeeze shorts and flush out longs. Key level is 6.18 for the pivot and PM high. Close above this level for target to the 200 EMA and 6.46 range top.
SQ - huge RVOLon Friday, closing with a bullish hammer. If SPY can find bullish momo, want to be long SQ
Other watches:
TGNA - down 10.0 ATRS in the PM! Talk that their buyout may be blocked. Key pivot is 16.50. Potential capitulation trade if we see a flush out below this level and then start to close above look for long entries.
FTCH - huge vol on Friday. Breaking on of the short term bottom at 5.00. Is trading at a high vol node level at 5.60 right no but if we see lots of consolidation over the day and a VWAP hold I would consider a long.
AI - forming a wedge on the daily. Would preferring to see one more daily of consolidation, with fakeout below 21.38 or a double top at 23.75 where prices has a more clear resistance to breakout from. Either of those scenarios I am interested in a long with target to 26 area.
I focus on names trading elevate RVOL>2, trading past key ranges and pivots, preferably with news catalysts.
Yellow = Support
Purple = Resistance
Red = short opportunity
Green= long opportunity
Trade closed: target reached:
Only traded LICY for a one and done. Entry 6.18, exit 6.36 (a bit too early but momo was slowing)