HT Weekend Watchlist - Trade Ideas for Next Week

Humbled Trader's Weekly Stock Picks & Market Update

October 20, 2024

‎

‎

TSM $200.78

  • Company reported earnings results and guidance that exceeded wall street expectations.

  • The stock broke out to new all-time highs on Thursday. However, it was unable to hold its first-day gap up gains.

  • I am leaning bullish on the stock IF it can hold the $200 overnight gap level.

  • If the stock can consolidate around said key level, we could see another leg up higher, for a potential swing trade idea.

  • However, below KL, the stock is not bullish short term. It has room to the downside to fill the gap around $192-193.

  • Position Disclosure: No Position

‎ 

Data points provided by Stox.io

OKLO $18.23

  • This is a stock in the nuclear energy sector that has recently benefited from a boost of tech giants turning to nuclear energy to power AI data centers.

  • Key level for the stock to watch is the $17.6s breakout level from Friday’s intraday chart. The same level also acts as a multi-month res from May.

  • Remaining neutral on this name for now. If the stock is able to hold is KL, it could see a retest of $20s highs.

  • Position Disclosure: No position

‎‎

Notable: Low float stock

DRUG $47.21

  • This is probably the most volatile short squeeze name for the second half of this year.

  • The stock was extremely cheap to locate short, hence a lot of short sellers probably got trapped and squeezed out at highs on Friday.

  • This is an extremely risky stock to trade. Please follow risk management rules and size according to your own tolerance.

  • I do not see a clear setup for this name yet. The key level to watch is around $42-$45 breakout area from Friday.

  • As long as the stock holds above $45 KL, shorts will remain underwater, and the stock could continue squeezing back to $50-$60s.

  • If the stock breaks down $42, we could see a potential unwind lower to $30s and under.

  • Position Disclosure: No Position

🗞️ Market movers you might’ve missed:

- Bright Minds Biosciences Inc ($DRUG) Bright Minds Biosciences Skyrockets with Private Placement Announcement.
- How we traded: Former High-of-Day Long

- Coinbase Global Inc. ($COIN) Bitcoin regained bullish momentum and approached $69000.
- How we traded: Backside Long

‎

Ready to Elevate Your Trading in 2024?
Check out the Humbled Trader community!

Trade alongside and engage in market discussions with like-minded traders, and learn from our team of experienced trading coaches.

Your success story could be featured in one of our next “Top Trades of the Week” showcases! Learn more about our community and what we offer by clicking the button below.

‎

📣 Chip Stocks Rally as TSMC’s Strong Earnings and AI Demand Boost Investor Confidence

Several chipmaker stocks rallied on Thursday, driven by optimism following Taiwan Semiconductor Manufacturing Company's (TSMC) impressive third-quarter earnings. AI demand boosted investor sentiment, as TSMC reported a 54% increase in profits and raised its full-year sales forecast, predicting AI revenue will more than triple in 2024.

TSMC manufactures AI chips used by Nvidia, AMD, and others, powering popular AI software like ChatGPT. Analysts had been concerned about potential cuts in AI spending by tech firms, but TSMC’s positive outlook eased investor worries.

‎

This weekend watchlist is powered by Stox scanner, a powerful tool that enables traders to find the best stocks to trade!

With Stox.io, you can:

  • Scan for stocks with built-in strategy scans

  • NEW: Access live newsfeed & charting!

  • Analyze stocks’ key metrics like relative volume, gap percentage, float, insider ownership, short interest and more!

You can sign up for FREE mid-day stock scans via Stox newsletters below.

‎

My new Premarket Routine made me $200K more in Swing Trading

Email Disclaimer:
The Watchlist Emails are NOT trade alerts to buy or sell. We are not financial advisers. The above information is for educational and entertainment purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. We are merely sharing our opinion with no guarantee of gains or losses on investments. You accept our Terms and Conditions.