Welcome to the watchlist for Week 20 2024. This weekly compilation offers some ideas for you to analyze. Please note that the trades listed here are not ready-to-execute suggestions; do your own due diligence before trading. I dedicate many hours over the weekend to preparing this list, so instead of sharing it directly with friends, please recommend our site to them.
80% of my portfolio is invested in three stocks: Novo Nordisk (NVO), Cava (CAVA), and Eli Lilly and Company (LLY). The remaining 20% is allocated for swing trades. I stick to trading from this watchlist to avoid succumbing to FOMO on other stocks
NVDA is a key driver of the market. When NVDA performs well, the market tends to follow suit. Currently, NVDA is finding support at the WMA10. If you’re not already holding this stock, consider entering at the WMA10 and using a stop loss set at 2 ATR for risk management
Semi-conductors are experiencing volatile earnings this season, making holding NVDA a choppy ride. Exercise caution and monitor closely.
Volume has dried up for Carvana, indicating a potential upward move from here. Set a stop loss below the last low. If trading within the range, aim for a 1:2 risk-reward ratio. A 1:3 trade is also possible.
18-May: No real movement this week. This one will be active for Week 21.
GenDx has formed a flag pattern. There could be a potential breakout above the range with a tight stop loss in place
18-May: We see a breakout, but the market didn’t bring the volume. We need to see if the market will test the 123 Weak Hands pattern.
Zeta Global Holdings has shown strong volume this week. There might be a potential trade breakout over the range, accompanied by a tight stop loss
18-May: We have our breakout and market moving slowly up. Around +9% green right now.
Are we observing a ‘shake out weak hands’ pattern in DESP stock? We’re currently waiting for phase two to develop
Read about the pattern here : https://overwi.se/2024/05/08/one-pattern-i-like-to-trade/
18-May: Clear 123 Weak Hands pattern. Volume yesterday was +281% of average, that’s a good sign. +12% from breakout pivot
Google is using the 10-day moving average (DMA10) as support during this uptrend. We can utilize DMA10 as an entry point and as an indicator for any changes in character.
Additionally, Google is featured on the big earnings list
18-May: Google rise and test a breakout but no real volume
DTM stock has exhibited a ‘shake out weak hands’ pattern with a deep second step. The breakout is now complete, and we might wait for a retest of the breakout region before considering additional positions
18-May: DTM moves slowly upward now from some “test” of the region.
SQSP stock has experienced a breakout with significant volume. Since it’s uncertain whether this is a genuine breakout or just step 1 in a ‘shake out weak hands’ pattern, I suggest we wait and observe further developments.
18-May: I missed this gap up but some of you have it. Well done !
BHE’s stock price is extremely extended. Avoid FOMO and resist the urge to jump into this trade. It’s best to wait for a pullback before considering an entry
In the image, you can observe two types of ‘shake out weak hands’ patterns.
( 15-May-2024 : Trend setup warning )
18-May: This one is boiling. Tight range and showing sign of action. This BHE will be on Week 21 watchlist.
ETN is currently trading within a tight range, with notably high volume observed. It’s worth monitoring how this stock performs in the coming days and weeks
18-May: This one is boiling. Tight range and showing sign of action. This ETN will be on Week 21 watchlist.
Nu Holdings Ltd (NU) is currently forming a classic cup and handle pattern. Make sure to read up on this pattern so you understand how to effectively trade it
15 May 2024 : Breakout warning
18-May: Cup and handle still inplace. Watchlist for Week 21
Kyndryl Holdings, Inc. (KD) has reported very strong earnings. Keep an eye on this stock moving forward
18-May: This one is boiling. Tight range and showing sign of action. This KD will be on Week 21 watchlist.
AppLovin Corporation (APP) has reported exceptional earnings and sales. This stock is likely to experience significant movement, but be cautious not to act on FOMO
18-May: Tight range and showing sign of action. This APP will be on Week 21 watchlist.
Duolingo Inc. (DUOL) is a prime example where gains in earnings per share (EPS) have not translated into strong stock movements. Will we see this change in the future?
Arista Networks, Inc. (ANET) climbed too quickly for my taste to this breakout. I’ll wait and see how it progresses but remain optimistic about ANET’s potential. Have you read my post on Arista Networks?
18-May: ANET have confirmed the breakout with a retest. Moving up slowly right now
If you have any questions, please feel free to contact me at henrik@overwi.se or reach out to me on Mastodon at @hekenberg@mastodonsweden.se.