So we've had some geopolitical events this weekend that could have a big impact on the market. A key Saudi oil production facility has been attacked, and this promises to have a strong effect on oil prices as well as an effect on stock prices and the VIX. As I type oil futures just opened and they are up over 10%, and stock futures are down quite a bit. It's going to be tough to judge what we have in store this week until the market has some time to digest the news, but suffice it to say it is likely to be a more volatile week than we saw last week. It is also worth noting that all of this comes while we are just below all time highs and are heading into a FOMC meeting this week with a rate decision at 2 PM Wednesday. Our plan is to be very conservative heading into this. The odds right now are at 80% that we see a 25 basis point cut, but we think that a possible no change decision cannot be overlooked. Here are some names that we will be watching this week:
AXSM is in a very long TTM Squeeze and made a nice move over its sma50 with volume on Friday. We like this on a move over $27 for a push up to recent highs near $29 or alternatively on a pullback and hold of the sma50.
HQY is on a very nice reversal pattern with a TTM Squeeze on the daily. We like this over 60.82 for a push up to $63 or higher or on a pullback and hold of the sma20
RVLV is a newer issue that is in a nice reversal pattern and stalling at its ema34. We like this over that ema34 around the 26.50 level for a move up to the nice gap above that doesn't fill until around the $30 level
TPIC is another reversal setup with a nice TTM Squeeze on the daily chart. We like this over 18.40 for a move up towards $20
AMC has been in a nice long consolidation pattern along the sma20 and sma100 and also in a TTM Squeeze. We like this over 12.06 for a move up to the sma200 around $13
Depending on how the market behaves there are also a few names that we will be watching for potential short setups, which includes ROKU, COUP, SHAK, CRWD, ZM, DNKN, UPS, and FDX
As always if you have any questions feel free to email us at firstname.lastname@example.org or email@example.com and trade green