Stocks To Watch – 5/28/2024
Brief Overview
Happy Memorial Day Traders & Investors,
Scroll down to see the stocks we have on watch this week 
!
With a short week ahead, we could see major volatility with the last day of May and first day of June. Keep this in mind and be prepared if you have open positions, or are looking to build positions.
What a week for FSLR after being on last weeks watchlist. this name traded at a low of $194.50 on Monday before rocketing to a high or $278.80 on Friday. This is a testament to the importance of these Pure Power Picks Watchlists. While we may not always alert all of the names we’re watching from week to week, it’s important for members to use the levels provided to analyze setups to make their own decisions.
Keeping eyes on Chinese stocks this week as we did last week with a good number of big China names like BABA, JD, BILI, PDD, BIDU, JKS, KWEB, YINN & FUTU showing up on our scanners again last week.
This week will be interesting as we approach the day of NVDA‘s stock split. The semiconductor giant announced a 10-1 stock split coming on June 7th during their earnings report which gapped up the current price over the $1000 mark on Thursday and continuing to all time highs of $1064.75 on Friday.
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Recent Winners Tracking
ROKU +50% Sent on 5/22
SHOP +30% Sent on 5/20
MARA +105%Sent on 5/14
AMD +241% Sent on 5/9
CHWY +60% Sent on 5/8
AAPL +110% Sent on 5/6
IWM +140% Sent on 5/2
SLV +361% Sent on 5/2
TTWO +37% Sent on 4/25
MMM +319% Sent on 4/23
*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: $529.57
Hit a weekly high of: $534.01 (premarket) on Thurs 5/23
Hit the low of the week of: $524.72 on Thurs 5/23
Closed the week at: $529.44
While SPY traded mostly sideways this week It was able to make a new all time high of $534.01 in premarket on Thursday before falling to a weekly low of $524.72 the same day.
We’ll want to see a break and hold back over the $530 level for bulls to get back to work driving SPY higher. If we see this break, look for $531.50 to show the first level of resistance before testing all time highs of $534.01.
If the $530 level fails we could see a test of $526 support. If $525.75 fails to hold up look for a test of the $523.50 for a possible move back down to test $515 in the coming weeks.
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.
Macys Inc. (Ticker: M)
Potential break out name. Getting tight and have noticed Macy’s appearing on our scanners as of late. We are watching the $20.5 level. If M can break and hold that level, we anticipate upside targets $21.25 – 22 test. If volume picks up, look for a move to test $23.50-24 in the next few weeks or so. M should see support at $20-18.9. Watch out for downside if $18.5 loses support.
Best Buy Inc. (Ticker: BBY)
With earnings upcoming , this could be a sneaky name that shows potential upside bounces into its price action range in the coming weeks. Use the $68.5 level as support for potential long-side targets of $75 – 79. If $68.5 level does not hold, anticipate a bleed into the mid-low 60s.
Tesla Inc. (Ticker: TSLA)
Back on the watchlist again due to the potential power. We see potential upside here. Same targets remain. Use $170 range – 167.5 as support / buy opportunities. These levels have formed a strong volume shelf. Our short term upside targets for TSLA include $183.5 – 190 – 198.5. We will be keeping eyes on how TSLA reacts to the $200 level if it gets there. If $200 is broken and holds, we anticipate a quick move to test $213 – 225 targets. $200 can also reject, so be cognizant of that.
Ebay Inc. (Ticker: EBAY)
This broke out of a really nice bull flag pattern this past week and closed very strong. Because of this, Ebay is ripe our list as we will be looking for continuation movement. Look for more upside over $54.6 with a short term target $55 – 56. If EBAY continues it’s breakout, anticipate a move into the $60s – $64 in the coming weeks. Use $52.75 – 52 as support.
Coinbase Global (Ticker: COIN)
When Coinbase stock rallies it can be powerful. This is on our watchlist because we see a strong potential for upside in the coming weeks. This idea requires BTC to move bullishly, so would use that as a guide while trading COIN. Keep it simple with COIN. If $240 holds, look out for quick impulsive upside movement towards $250-270-283 in the coming weeks. Over $284 with strong BTC price action a $300 test is likely. If COIN dips, look for support / buy opps at $225-220-215.
With Coin on watch, It’s important to keep eyes on the Sympathy names including MARA, RIOT, CLSK & BTBT for similar moves.
Amc Entertainment Holdings Inc. (Ticker: AMC)
Back on the watchlist, the high volume has us thinking there may be more volatility to come. Look for $4.5 range for support / potential entry opportunities to position for any squeezes / moves up towards $5 – 6 – 7. Anything can happen here, including moves to test last weeks high of $11.88, possibly higher to $13+ if it breaks over May’s high. Or if selling continues look for a bleed under $4.5 to test $3.75 – 3.5 – 3.
Gamestop Corp. (Ticker: GME)
Gamestop just announced the close of their stock offering in the post market on Friday. This caused the stock to spike with volume after hours. This could be the next catalyst before a move to the upside in the coming days/weeks. Similar series of events played out in 2021 before the secondary spike in price action after they closed their stock offering. With nearly 2 billion cash on hand, Gamestop can now acquire profitable businesses or reinvent themselves entirely. This is leading to bullish sentiment across the retail investors. $24 – $26 – $28 will be big levels to watch to the upside, with $32 being a bigger long-side trigger. If $20 cannot hold, than this could simply fizzle out before any excitement.
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!
Weekly Market Earnings Calendar
Most Anticipated Earnings Releases This Week
Weekly Market Economic Calendar
Source: MarketWatch
Weekly Learning Focus
If you have a bullish bias 🐂 and are comfortable with the risk of swing trading, you’re going to want to master the #bullflag ‼️
The bullflag must exist within an uptrend‼️ 📈
The flag is a correction of the trend where volume will slow, as price contracts inside a channel, which forms the flag. 🚩
When the price action gets closer to the breakout point, look for volume to increase! This is a confirmation signal & very important.
Use the information provided on the infographic after you have located a bullflag that looks powerful. 💥
Have a plan of action! Know where to take profits and know where to cut losses. 🧠
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