WEEK OF OCTOBER 26, 2020
Ready-to-go setups
ELAN - Elanco Animal Health Incorporated
Entry: $31.58
Stop: $30.65
Nice, controlled pullback on lower volume over the past week or so
5-day MA starting to flatten out
May have a little resistance overhead with the VWAPs off the peak and from the start of the move, in the $31.75-$31.90 area
Additional Info:
Earnings: November 6, 2020 (Before Open)
GPRO - GoPro, Inc.
Entry: look for a small pullback to the $6.75 area, but on strength
Stop: $6.52
Big move earlier this month and has held onto gains well with a controlled pullback on lighter volume
Got moving on Friday, back above the 5-day MA, so we’d like to see a small pullback before getting involved
Additional Info:
Earnings: November 5, 2020 (After Market Close)
QCOM - QUALCOMM Incorporated
Entry: $129.10
Stop: $126.30
Consolidating over the past week on lower volume
Looks like it could get going above Friday’s high
Additional Info:
Earnings: November 4, 2020 (After Market Close)
Still setting up
The following setups still need some time to develop, so entry and stop targets are areas of focus rather than exact levels
COUP - Coupa Software Incorporated
Entry: $305.25
Stop: $299.30
Needs another day or so for the 5-day MA to flatten out and start rising
Nice bounce off the 50-day MA
DKNG - DraftKings Inc.
Entry: $43.82
Stop: $41.60
Finding support at the VWAP from the IPO
Needs a couple days for the 5-day MA to flatten out and start rising
First target is the VWAP off the peak, near $48.00
Additional Info:
Earnings: November 13, 2020 (Before Market Open)
WATCHLIST
AMD - Earnings due on Nov. 27. Starting to setup well, watching the $82.35 level.
AQUA - Controlled pullback to 20-day MA. Could get going again above $24.00.
BIDU - Holding up well above the $129 level. Watching for an entry, but action has been a little choppy.
CGNX - Good consolidation. Could get moving again above $70.30.
EBAY - Needs time to develop. Watching the $54.50 level. Earnings on Nov. 28.
EXTR - Got moving on Friday above $4.62. A small pullback could make for a good entry. Earnings on Nov 28.
FLEX - Holding onto gains from gap-up well. Looks pretty good above the $14.50 level. Small pullback could provide an entry.
FOSL - Below the 50-day MA, but has had some interesting action.
GDRX - Back above the VWAP from the IPO. Looks like it wants to get going, not sure where to enter yet.
HWM - Up agains all-time hights. Just had a move from $18-19. Looking for a pullback.
LYB - Setting up well. Could get going above $78.50. Some caution with a declining 200-day MA.
MRNA - Good bounce off the 50-day MA. Needs time to develop. Watching the $72.50 level.
MRVL - Needs some time to develop and get back above the 5-day MA. Watching the $41.75 level.
MSFT - Watching the $217.25 level.
NCR - Could get going above $22.81, but has a declining 200-day MA, which gives me less confidence.
NET - Holding up well. Needs some time to develop. Watching the $57.50 level.
OLED - Looks interesting above Friday’s high $194.14.
SFM - Looking weak, may be a good short candidate to watch.
SUM - Has been testing the $20 level. Earnings on Nov 27.
YALA - Got moving on Friday. Watching the $9.05 level.
