Stocks To Watch – 10/14/2024
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Brief Overview
Hello Traders & Investors,
Scroll down to see the stocks we have on watch this week 
!
October action is on fire with markets hitting new highs! We’ll have our eyes out for the best setups ready to alert them to our members. Lets take a look at how last week played out.
Stocks dipped Monday as SMCI and NVDA ripped. AMZN was hit by a downgrade from Wells Fargo due to increased competition as well as an antitrust case from United States Regulators. 🤨
Semiconductor names led the markets on Tuesday with a hint of uncertainty. RBLX hit Hindenburg Research’s radar and MSTR & HOOD got a jump on the crypto run.
Bulls took markets by the horns on Wednesday getting a jump on U.S. inflation data. Cruise stocks caught a wave on analyst upgrades.
Thursday was a weak day with inflation fears looming. Price hikes and employment numbers spread doubt in the “soft landing” we’ve been hearing about.
Banks kicked off earnings season on Friday with sturdy results while TSLA held its RoboTaxi event.
Earnings are heating back up with a lot of names set to report this week. Be sure to check out the Earnings Calendar below!
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Recent Winners Tracking
UPST +54% Sent on 10/8
MGM +52% Sent on 10/2
HOOD +131% Sent on 10/1
CRM +119% Sent on 9/27
MBLY +52% Sent on 9/24
UBER +141% Sent on 9/27
BABA +941% Sent on 9/17
AMD +94% Sent on 9/17
TSLA +195% Sent on 9/12
CPNG +73% Sent on 9/11
*Max gain potential on options alerted so far/before expiration.
View all PPP’s alert performance with the Member’s Only Alert Tracker!
Market Brief
S&P 500 ETF (Ticker: SPY) – Daily Chart
Opened last week at: $571.30
Hit a weekly high of: $580.33 on Fri, 10/11
Hit the low of the week of: $565.83 (after hours) on Mon, 10/7
Closed the week at: $579.58
Last Week…
Another all time high for SPY in 2024 as we approach election season. After getting a solid bounce off the $565.50 support level on Monday, momentum picked up for the rest of the week spiking to a new all time high of $580.33.
Bullish Perspective
With SPY pulling back near the $579.50 area to close out the week, Bulls will want to see a retest of the new high at $580.33 for a possible move into blue skies once again. If we see a break over this level look for upside targets at $585 – 590 – 595 with the ultimate test at the $600 mark.
Bearish Perspective
Bears would like to see a reject of these new highs followed by a slip to test support at the $574.50 level. If this support breaks, look for downside targets at $570 – 565.50 – 560 and possibly $555 as the ultimate test of support if sellers take over and grab control.
Charts Provided By: Finviz
Weekly Stocks to Watch
As always, we’ll be heavily focused on our news feeds & scanners for prime opportunities throughout the week.
Carvana Co. (Ticker: CVNA)
Provides an interesting look that will keep us involved in its price action. CVNA has now retraced 50% of its price all time. So $190 will play a key factor in which way this may go. If CVNA falls back below $190 we may see profit taking towards return to mean downside targets $180 – 175 – 160. Although, if $190 builds and bases out a move to $200 is likely. Potentially more towards $225 as this name is volatile and can move quick.
Cloudflare Inc. (Ticker: NET)
Solid mover and a nice breakout last week, finished with a full body candle so we will have NET on watch for continuation. Look for last weeks high of $94.31 to trigger potential upside moves towards the psychological $100 target. There could also be more upside over $100 towards $105 – 110 – 116 in the coming weeks. A breakout over $116 could lead to much larger moves into $120s – 130. Look for support and buy opportunities $90 – 85 range.
Roblox Corp. (Ticker: RBLX)
A name to keep on watch after a Hindenburg Research short report came out. What will be watching with out bias is the $40 level. If this level continues to hold, and favorable news comes out against that short report, price action may head up into the $45 – 48. If this breaks over $48.5 shorts will most likely get squeezed on impulse buys into the $50s, quickly. But, if Hindenburg is right, and bad news piles on for RBLX and price slips under $40 watch out for spills into short side targets $38 – 37.5 – 35 and if things get real bad, look for a move back to $30.
Five Below Inc. (Ticker: FIVE)
Potential squeeze candidate in the coming weeks after we have seen a large bull flag put in on the weekly chart. This can give trades a solid risk : reward setup. Use the bottom of the flag $90 – 87 as support / buy opportunities. Look for upside targets at the top of the flag $100 -102.5 range. A breakout over $102.5 could lead to a larger squeeze (towards $108 – 125) , but will want to see volume. Look out for a move under $87 to invalidate the flag and a move back to the $80 level.
United States Oil Fund (Ticker: USO)
We are anticipating upside in US Oil and will keep this idea very simple. Use support range $75. Look for upside targets towards $80 – 82.5 – 85 – 90 in the coming weeks. This can also trigger other names like XOM CVX to make upside moves so keep those names on watch with USO.
XPeng Inc. (Ticker: XPEV)
Chinese names have been explosive, and XPEV has potential for more breakout, mainly because it’s showing a rather large bull flag. Look for short term support at $12 – 11.5 range. Look for upside target $13.7, which has shown good resistance, but if it’s broken to the upside look for impulsive upside moves to $15 – 20.
AST SpaceMobile Inc. (Ticker: ASTS)
This could be a very strong play in the coming weeks. We have seen price slowly come down to potential support levels, and it’s looking a bit juicy. This name also carries a strong short float, so if it moves up, we could see volatile bullish moves as shorts cover. Use $22 range as support / buy opportunity. With potential upside targets towards a $27 target. Over $27.5 could be a trigger for that squeeze move into $28 – 30.5 – 36 – 38.5 and a potential move into all time highs if it gets cooking. If under $22 would watch out for moves into the lower 20s / high teens.
We have other names on watch and we’ll continue to monitor our breaking news feeds and Stock & Options Scanners to help make the smartest picks with the most potential throughout the week!
Last Week’s Watchlist Breakdown
Ideas from last week’s Watchlist that are still relevant this week
United Natural Foods (Ticker: UNFI) – “There’s a lot of meat to the upside here. Targets include $21.5 – 23 – 27.5. With more time, could see this name moving higher towards $30 – 35 – 40+. Bulls will want to see short term support $19 range.”
Viper Energy (Ticker: VNOM) – “Look for dip buys at $47.5 – 45 range could work out very well if VNOM rips into new highs in the coming weeks. Potential targets if energy prices explode $55 – 60 – 65 – 70 – 75.“
Evgo Inc. (Ticker: EVGO) – “For bulls, and an idea of continuation we will use the $6 range as support / buy opportunities and a breakout over $7.5 for $8 – 9 – 10 targets if the move continues to surge.“
Datadog Inc. (Ticker: DDOG) – “But for bulls would look for support at $120 range for dip buys. Upside targets $125 – 129 – 134 – 137 potential in the coming weeks if $125 bases.”
Tyson Foods (Ticker: TSN) – “Dip buy potential at the $57.5 range / level for strong risk : reward upside targets $60 – 62.5 – 65 – 70 in the coming weeks.”
Coinbase Global Inc. (Ticker: COIN) – “Use the 160/150 as support for a potential move back up through targets of $175 – 180 – 190- 200 – 210+ in the big picture.“
Marathon Digital (Ticker: MARA) – “Use the current dip in BTC price action as an opportunity to position long for a move back through $16 – 17 – 18 -19 – 20+ in the big picture. Use 14.50/14 as support range.“
Weekly Market Earnings Calendar
Most Anticipated Earnings Releases This Week
Weekly Market Economic Calendar
Source: MarketWatch
Weekly Learning Focus
When looking for price action setups, rejections at support / resistance can result in strong reversals 🦾 at resistance levels.
These observations are usually made once the candle is closed. However, anticipation and sizing in properly can help you catch the meat 🥩 of the trade when executed ⚔️ correctly 💰
Here are 5️⃣ important factors traders consider when it comes to bearish rejection candles:
1. The session must open halfway between high & low, or lower! 🔻
2. The session must close near the open, or below the open! 🔻
3. When candle is green, must close a maximum of 25% above the low to be considered a rejection! ✅
4. The longer the wick, the stronger the signal can be. Watch for volume spikes! 📶
5. The closer the session closes to the low, the stronger the signal. Watch for volume spikes & moves down to next support level! 📶 📉
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