Stocks To Watch – 7/29/2024

Brief Overview

Hello Traders & Investors,

Scroll down to see the stocks we have on watch this week !

The Weekly Pure Power Picks Watchlist strikes again! If you haven’t been paying attention to the immense value in the stocks we have on watch every week, you aren’t making the most of your subscription. While we are glued to the market action throughout the week, there will be alerts we miss or moves that will happen too quickly to alert. This is why the watchlist is so important. We want you to be aware of the opportunities out there so you can make your own decisions and take advantage of these setups.

RDDT specified resistance at the $70 – $75 range. $70 proved to be strong resistance as RDDT started its descent down to a low of $62.18. 

BABA Held the $75 level all week. With roughly the same setup in play, last weeks idea (below) is still valid this week. 

“Going to keep eyes on China stocks this upcoming week. There may be something there if $75 range holds. Weekly chart is showing an inside candle and it looks like it can produce green if $75 holds. Look for a breakout over $79 to test $80 – 86 – 90. A break over $90 could send this into a new leg up towards $100. However, we will want to see volume in other China names and this would be a good confirmation to go long into the coming weeks – months. Names such as PDD, JD, BILI, KWEB, BIDU, FUTU, TIGR.”

NVDA was another idea from last weeks Watchlist the provided valuable insight as NVDA broke under the $117 level on Wednesday falling to a low of $106.30, as mentioned in the watchlist idea

“We do think NVDA has room to move down towards $113 – 110 – 107. Especially if price holds under $117, so anticipate those moves – which could be ideal opportunities to play for reversal moves.”

This reversal idea was spot on as NVDA bounced off the low, recovering partially to close the week at $113.06 to end the week. 

We see a TON more opportunity in the coming days and weeks with these volatile conditions being exactly what you want as an options trader.

Arguably the BIGGEST week of earnings with the markets TOP names on the docket. Look for reports from big dogs: AMZN, AMD, META, MSFT, AAPL, SOFI, INTC, PYPL all scheduled to report this week. 

All traders and macro investors will be looking to the FOMC Interest Rate announcement Wednesday which could confirm a continuation in down trend price action, or a possible reversal back to test upside and recent highs. 

The FOMC Interest Rate announcement will be followed up by a press conference from Chairman Powell.