WEEK OF SEPTEMBER 8, 2020
Ready-to-go setups
BYD - Boyd Gaming Corporation
Entry:
Look to buy BYD above 2816.
Worst-case stop at 2614. If you’d like a tighter stop, blow the 5-day MA (yellow line) at 2709 could work.
Additional Info:
Buyers are still in control from the latest earnings on July 29, 2020
On the daily chart, the 50-day MA (green line) is crossing the 200-day MA (grey line), which will attract longer-term investors (blue circle)
On the daily chart, BYD has finding support above a rising 20-day MA (dark blue line)
Still setting up
CFX - Colfax Corporation
Entry:
Look to buy above 3410
Initial stop below the 5-day MA (yellow line), near 3325-ish. Worst case stop at 3224
Additional Info:
On the daily chart, strong consolidation above a previous resistance level (blue square)
CNDT - Conduent Incorporated
Entry:
Look to buy above 378
Stop at 347 or 325 if you want to give it a little more room
Note: be aware of the two VWAPs (blue lines) from most recent high and from earnings. These could provide some supply / resistance.
Additional Info:
On the daily chart, CNDT has been finding support at the declining 200-day MA (grey line), which is beginning to flatten out.
DLPH - Delphi Technologies PLC
Entry:
Look to buy above 1848
Stop below 1778
May need a day or two of consolidation in this area, but holding up well above previous resistance (red line), now acting as support
Additional Info:
Looks good on the daily chart, continues to find support at the rising 20-day MA (dark blue line)
GLNG - Golar LNG Limited
Entry:
Will need to get back above the 5-day MA (yellow line)
Look to buy in the 1060-ish area
Initial stop around 1020-ish
Additional Info:
On the daily chart, looks constructive with healthy pullbacks and the 20-day MA (dark blue line) and 50-day MA (green line) rising
GRPN - Groupon, Inc.
Entry:
Look to buy above 3476
Stops can go at 3226 or 3096 to give it a little more room
Additional Info:
On the daily chart, strong moves on volume and lighter-volume consolidations, now holding above the declining 200-day MA (grey line)
WATCHLIST
ADNT - watching 1880 level
AEP (short)
ARW - still holding up well from last week
BB
BEAT (short) - look for further downside movement below the 3930 level
BHC (short) - needs to setup, but possible short below the 1550 level
BIGC
BILI
BLDR
BYD
CFX
CGC (short) - needs time to develop, but weed stocks are looking weak
CLF
CNDT
CRON (short)
DLPH
FLIR (short) - looks weak with 20, 50, 200-day MA all declining
GLNG
GRPN
HSC
IQ
LVS - casino names are looking decent
MGM - casino names are looking decent
MTOR
PSTG (short) - starting to roll over to the downside
SHAK - nice move to the upside, watching it consolidate to see how it acts
UBER - watching the 3475 level
USFD
VERX
VLO (short) - watching the 5075-ish level for weakness
*UNDERLINE = stocks I’m watching closely
