WEEK OF OCTOBER 19, 2020
Ready-to-go setups
ADNT - Adient plc
Entry:
ADNT got back above the 5-day MA on Friday. Ideally, we’ll see another day of consolidation above the 5-day MA, but look for an entry above Friday’s high of 2204.
Stop at 2112.
Additional Info:
ADNT broke out of a long-term consolidation area and has had an orderly pullback after running into a previous high around 2260. Looks like its setting up to break through that level.
CLF - Cleveland-Cliffs Inc.
Entry:
CLF got moving on Friday, back above the 5-day MA. Look for an entry above Friday’s high of 767.
Stop at 735, below Friday’s low and VWAP from recent move.
Additional Info:
CLF is above the VWAP off the recent peak.
Nice consolidation on lighter volume on the daily chart, above previous resistance .
CWH - Camping World Holdings, Inc.
Entry:
The exact entry isn’t too clear, but looks like CWH can get going above the 3245 level or 3275-ish level.
Stop near the 3085 level, below the 5-day MA.
Additional Info:
On the Daily chart, CWH is making a higher low and putting pressure on the downtrend line.
The 50-day MA has a slight decline at the moment, but will start to flatten out.
CWH has been finding support at the 20-day MA.
SPWR - SunPower Corporation
Entry:
SPWR tried to get going on Friday with a little gap up. Looks like it’ll get going above 1718, Friday’s afternoon high. We’ll want to make sure the entry is above the 1& 2-day VWAPs.
Stop at 1655, below Friday’s low.
Additional Info:
SPWR experienced a bit move recently and has been holding onto its gains well.
The solar group has been moving well lately.
TUP - Tupperware Brands Corporation
Entry:
TUP looks good for an entry above of 2289.
Stop at 2183.
Additional Info:
TUP has been tightening its range after a big move.
Still setting up
GDDY - GoDaddy Inc.
Entry:
GDDY will need some time to setup, but looks like it could get going above 7861. For aan early entry, possibly above Friday’s high of 7766.
Worse case stop below 7509. Ideally a stop below the 5-day MA around 7650 will setup.
Additional Info:
Battling with the VWAP from earnings.
GDDY is consolidating between the 20 and 50-day MAs.
Found support with a nice bounce off the 200-day MA.
MRVL - Marvell Technology Group Ltd.
Entry:
MRVL needs to get back above the 5-day MA and consolidate for a day or so. Entry looks good above 4373.
Worse case stop can go at 4250. Look to tighten that up under a higher low and/or below the 5-day MA, near 4300.
Additional Info:
MRVL experienced a nice move recently and has been consolidating on lighter volume.
RKT - Rocket Companies, Inc.
Entry:
MRVL needs to get back above the 5-day MA and consolidate for a day or so. Entry looks good above 2399.
Worse case stop can go at 2175. Look to tighten that up under a higher low and/or below the 5-day MA, near 2270.
Additional Info:
Will want to see RKT get above the IPO VWAP at 2400.
Finding some support aat the 20-day MA.
WATCHLIST
AMD - Been keeping an eye on this one. Consolidating above the 50-day MA, needs to get back above the 5-day MA.
BIDU - Nice breakout last week. Will be monitoring for continuation.
BLNK - Could get going above 1030. 50-day MA is declining.
CRM - Holding above the 25550 level, but still needs time to setup.
CSIQ - Still setting up. Watching for a move above 4037.
CVNA - Held onto gap-up gains well. Watching the 225/22600 level.
CZR - Probably needs to get above the 5800 level to get going.
DKNG - Still pulling back, but looking for support to hold at the 4400 level.
ELAN - Nice break higher. Still setting up for a second move.
HWM - Keeping an eye on the 1900 level.
KTOS - Observing this one. Maybe above the 2120 level it can get going again.
LAC - Still pulling back. Will look for it to setup over the next week.
LYB - Look pretty good, still setting up, but has a declining 200-day MA, which gives me less confidence.
PLTR - Watching the IPO VWAP around 1000.
RXT - Seeing how it develops at the 1840/1850 level.
YALA - Could get going above 905.
