HT Weekend Watchlist - Trade Ideas for the Week

Humbled Trader's Weekly Stock Picks & Market Update

AuthorAuthor

Humbled Trader & alissa
June 23, 2024

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Data points provided by Stox.io scanner

NVDA $126.57

  • After weeks of running, this is the first time since the beginning of May that the stock had closed below the 8EMA on the daily.

  • Key level to watch is $130 next week. If the stock cannot reclaim that KL on the daily, we could potentially see a multi-day pull back to $118-$120s.

  • If overall tech stocks pull back next week, that would definitely help with the short trade on NVDA.

  • Position Disclosure: No Position

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FUFU $6.20

  • Crypto minning stock rallying up on Friday with no significant news.

  • Staying neutral on this name for now. The key level to watch is $6.60-6.70 level on the daily chart.

  • IF the stock rejects KL next week multiple times and fails to break out, we could see a potential short and unwind to the downside.

  • Position Disclosure: No position

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NXL $2.46

  • Despite selling off the intraday breakout, the stock squeezed afterhours due to no news. The volume on the squeeze was low as well.

  • Leaning more short biased on this name. Key level to watch is $2.40-2.50 level on the daily.

  • If the stock retests KL and fails multiple times, it has downside potential back to $1.60 and belowl.

  • Above $2.60 the stocks is no longer a short and requires strict stop out.

  • Position Disclosure: No Position

🗞️ Market movers you might’ve missed:

- Minim Inc. ($MINM) Pre-market low-float runner with decent risk-reward setup.
- How we traded: Former High-of-Day Breakout Long

- Occidental Pet ($OXY) Warren Buffet increased stake in the company.
- How we traded: Backside Long Swing Trade

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