Welcome to the watchlist for Week 29 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.
80% of my portfolio is invested in three stocks: NVIDIA (NVDA), 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.
Last week report : Week 28 watchlist – Trend trading (overwi.se)
NVIDIA Corporation (NVDA) has broken out from its consolidation box and successfully tested the breakout region with a rebound. This is a positive indicator, but it’s crucial to continuously monitor your trades closely
Credo Technology Group Holding Ltd (CRDO) is currently showcasing an interesting setup characterized by a tight range and low volume. Wait for the breakout of the box.
MannKind Corporation (MNKD) is displaying a cup and handle formation, with potentially two such setups if you look closely. Despite facing significant overhead resistance, there’s potential for a strong uptrend. However, breaking through the resistance in this region is crucial for further gains
Sarepta Therapeutics, Inc. (SRPT) is demonstrating a setup that aligns with the behaviors detailed in the article on rapid rises and volume dynamics, available here: ( Understanding Stock Behavior: Rapid Rises and Volume Dynamics – Trend trading (overwi.se) ) Monitoring this stock closely and preparing to act when volume increases is a prudent strategy.
Vox Royalty Corp (VOXR) is currently in a tight range following a significant shakeout accompanied by high volume. The current strategy is to ‘wait and see’ how the stock responds before making any moves
Robinhood Markets, Inc. (HOOD) is exhibiting a tight trading range with decreasing volume. Since no stock remains in a range indefinitely, we’ll be watching to see if it breaks above the range and experiences a price increase
In recent weeks, we’ve observed Eli Lilly and Company (LLY) on the rise, while Novo Nordisk (NOVO) has been ranging. Both are key players in the GPL-1 revolution. If you haven’t invested in Novo Nordisk yet, it might be wise to prepare for a potential entry during the anticipated upward breakout
TransMedics Group, Inc. (TMDX) attempted a breakout from its tight trading region, but the market resisted. Are we witnessing a ‘1-2-3 weak hand’ pattern unfolding? I’m inclined to bet on this scenario, and time will reveal the outcome.
I’m planning to host a webinar on risk management in trading this August. Don’t miss out! Understanding and managing risk is crucial for successful trading
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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