WEEK OF SEPTEMBER 21, 2020
Ready-to-go setups
CARA - Cara Therapeutics, Inc.
Entry:
CARA has dropped about 10% in the past week or so. We’re looking for a small bounce to 1480-1490, then short weakness.
Stop around 1505 or above the bounce high and declining 5-day MA.
Additional Info:
CARA is now below declining 20, 50, and 200-day MAs.
On the daily chart, CARA just breached below some longer-term support and its recent consolidation (purple line).
CRWD - CrowdStrike Holdings, Inc.
Entry:
Look to buy above 13384, as CRWD gets back above the VWAP (light blue line) from the recent peak, signaling the buyers are back in control.
Stop at 12460, below the recent low and flat-to-rising 5-day MA (yellow line).
Additional Info:
CRWD has found support at the VWAPs from the recent lows (light blue lines).
On the daily chart, CRWD has held onto its recent gains from earnings and after breaking above longer-term resistance.
GRWG - GrowGeneration Corp.
Entry:
Look to buy above 1649, above the VWAPs from the recent peak and earnings (light blue lines).
Stop below 1518, below the flat-to-rising 5-day MA (yellow line).
Additional Info:
On the daily chart, GRWG had a big breakout in August with huge volume. It has held onto its gains well and has been consolidating on lighter volume.
Still setting up
ESTC - Elastic N.V.
Entry:
Needs a little more time to setup and would like to see ESTC consolidate above at flat-to-rising 5-day MA (yellow line).
Look to buy above 10724, above last week’s high.
Stop around 10250 after some consolidation or worst case stop below 9980.
Additional Info:
On the daily chart, ESTC found buying at its recent test of the rising 50-day MA (green line).
HEAR - Turtle Beach Corporation
Entry:
Looking for a slight pullback and buy on strength above 1811.
Worse case stop at 1695. Tighter stop could go around 1750, below the 5-day MA.
Additional Info:
On the daily chart, HEAR will need to get back above the 50-day MA (green line) before it starts to flatten out and decline.
PS - Pluralsight, Inc.
Entry:
Looking for a slight bounce and to get trapped below a flat-to-declining 5-day MA. Short below 1633.
Stop above 1728, above the VWAP from the recent high and 5-day MA.
Additional Info:
On the daily chart, PS had a decent size decline to longer-term support around 1625. PS is now consolidating below a flat 200-day MA (grey line).
VIAV - Viavi Solutions Inc.
Entry:
Looking for some consolidation between 1180-1220, then short weakness around 1178.
Stop above 1236.
Additional Info:
On the daily chart, VIAV is below the 20, 50, and 200-day MAs.
VLO - Valero Energy Corporation
Entry:
Looking for further consolidation, then short weakness around 4775.
Worst case stop above 5006.
Additional Info:
On the daily chart, VLO recently broke below a longer-term support level around 5000 (purple line), which is now acting as resistance.
WATCHLIST
AAOI (short)
ABT - holding up well, riding the 20-day MA
ADNT
ADP (short)
ADVM (short)
AIM (short)
AXU
BABA - holding above support at 26700
BYD
CARA (short)
CDNS (short)
CFX
CRWD
EXAS (short)
ESTC
GRWG
HEAR
HES (short) - slower stock, but may move down to 40
IQ - big inverted head & shoulders pattern on the daily chart
KO - consolidating above the flattening 200-day MA
NI (short) - longer-term support at 2150
ONEM (short) - consolidating above a longer-term support level of 2750
ORCL - holding onto gains from earnings well
PLAN
PS (short)
THC - watching for a move above the 3050 level
TWTR - holding above the 50-day MA. Looking to hold above the VWAP from the recent peak. Volitile.
UAVS
UBER - recently broke some big resistance at 3500
VIAV (short)
VLO (short)
WMT - still pulling back from the highs
*UNDERLINE = stocks I’m watching closely
