Welcome to the watchlist for Week 23 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.
I base my trades on market action, so positions can open or close within minutes. It’s crucial to consistently follow your trading system.
60% 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 was closed out this week. I plan to re-enter the position in the future.
Last week report : Week 22 watchlist – Trend trading (overwi.se)
NVDA plays a pivotal role in the market, often influencing broader market trends. Look the weekly close. Warning sign.
GenDx has formed a flag pattern, and we’ve witnessed a breakout. Currently, the market appears to be testing the 123 Weak Hands pattern.
AppLovin Corporation (APP) has found support at the DMA 21 and did some shake out on friday. Keep an eye out for a potential reversal from this level.
Alphabet Inc. (GOOG) has returned to its previous range and is no longer using the DMA10 as support. We are now monitoring the DMA21 region. Let’s observe the action around this area. Range is tight so 7% SL is possible to use.
Tidewater Inc. (TDW) is a growth powerhouse. Currently, the stock is trading at the lower end of a tight range and is close to the DMA 21. Will it find support here and prepare for a potential rise?
Keep an eye on Fortress Transportation and Infrastructure Investors LLC (FTAI). It has reached all-time highs (ATH) and gained significant traction, subsequently forming a ‘Weak Hand’ pattern. The buy point is now set above the ATH
Kontoor Brands, Inc. (KTB) is pushing towards all-time highs and is currently trading in a tight range. Keep an eye on it.
LRB Therapeutics (LRBT) has created new all-time highs, advancing in a stair-step pattern with increasingly tighter ranges. Consider entering at the breakout level
Sweetgreen Inc. (SG) is consolidating after the strong movement we’ve observed, similar to the setups seen in Primoris Services Corporation (PRIM) and Dell Technologies (DELL). I plan to test a trade at the low of the range for SG and set a stop loss just below the previous low.
Saab AB has been gaining traction for the past month and recently exhibited a ‘weak hands’ pattern. Consider entering at the all-time high (ATH) if you don’t already own it.
XVIVO Perfusion AB is pushing to new all-time highs after a short base. This is a good opportunity to study this stock for potential future trades
If you have any questions, please feel free to contact me at henrik@overwise.se or reach out to me on Mastodon at @hekenberg@mastodonsweden.se.
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