I hope that everyone is enjoying the weekend and is ready for a short holiday week of trading. Keep in mind that markets will be closed on Thursday with a half day on Friday. Before we get on to business we want to wish everyone a Happy Thanksgiving and say that we are thankful for all of you who subscribe to to our weekly watch list. .
Last week we saw our first red weekly candles on the major indices in quite some time. Most of them made new all time highs before seeing a small pullback. So we have daily charts that gave a small orderly pullback that are so far holding first level support area, but the weekly charts certainly have room for a bit more pullback. It is also worth noting that some of the weekly charts for the majors have bearish haramis. This doesn't mean that we have seen the top or that we will see a big correction of any sort, but it does suggest the possibility (and we want to stress possibility) of a bit of a pullback on the weekly chart. Overall we will continue our patient approach and continue to focus on shorter time frame trades. We will also be watching the sma20 on all of the indices as a key potential support area. Here are some names that we will be watching all week:
ATNX has been showing a lot of strength and is in a very nice flag pattern heading into a key catalyst of Phase 3 data release on a set date of December 13th. We like this from 16 to 16.50 for a potential flag break and push up into the gap above.
NET is a recent IPO that initially showed some strength before pulling back in this weak market for IPOs. It is now showing nice signs of a turnaround and potential push back towards its highs. We like this from 17.50 to 18 for a push up into the $19s and a possible $20 test
FSLR is a name that just gave a nice 3/8/20 cross up in a TTM Squeeze. It is stalling a bit at its ema34, but we like it over that with a $55 break for a push up to the $57 area
DIS has been showing a ton of strength after its Disney + launch and is in a nice flag pattern. We like this from 148.50 to $149 for a $150 test and possible flag break
TWTR has been beat up on news regarding political ads on their platform. It is showing signs of a reversal with a nice TTM Squeeze on the daily. We like this from $30 to 30.50 for a push up to $32 or higher
LYFT is a name that took a beating after its IPO and is in the process of turning around. We like this from 46.10 to $47 for a push up towards its sma200 around $49