03/17/2022 Watchlist Chart

03/17/2022 Watchlist Chart

 

Watchlist for Thursday, 03/17/2022

 

$NVDA – The stock traded up 6.63% during market hours and was up 0.25% after hours. During Wednesday trading sessions, NVDA was showing relative strength compared to the overall market as it managed to close near the high of the day. On the daily timeframe, NVDA recently broke out of the shorter downtrend within an overall triangle pattern with the 50DMA (245.41) as a resistance level. This is the second strong bullish candle off the low of 210 supply zone and there was an increase in volume. NVDA is setting up for a leg higher if it can get over the 50DMA. Keep an eye on the 248 level, if NVDA can break above with volume, it can test 250 to 254 level resistance. Above 254 level, it can test 260 to 263 level resistance. We will consider puts if NVDA fails to hold above the 241 (previous break out level), as it can test 236 (200DMA) to 233 level support. Below that can drop down to 230 level pivot.

Contract Suggestion:
Above 248 level: 250C 03/18 (43.6K Volume @2.40)
Below 241 level: 235P 03/18 (26.7K Volume @1.52)

 

 

$BABA – The stock traded up 36.76% during market hours and was up 0.38% after hours. After Tuesday’s downgrade by JPM, the CCP pulled a fake one and gapped up the market after reporting they will try to stabilize the market. There was some short that got squeezed which rocketed BABA today to double-digit percentage gains. Currently, BABA is up 10% in HK market and if BABA can hold this into open, it’s setting up for another gap up. On the daily timeframe, BABA is quickly approaching the 110 level which was a previous support now turned resistance which can pose a huge rejection level there. Keep an eye on the 105 level, if BABA can break above with volume, it can test 110 (hard resistance) to 114 level resistance. Above 114, it can test 120 to 123 level resistance. We will consider puts if BABA fails to hold above the 100 level, as it can pullback down to 97 to 94 level support.

Contract Suggestion:
Above 105 level: 110C 03/18 (23.1K Volume @2.68)
Below 100 level: 95P 03/18 (15.6K Volume @1.13)

 

 

$BIDU – The stock traded up 39.20% during market hours but was down 0.54% after hours. A huge gap up for most Chinese stocks after the CCP stated they will try to stabilize the market which caused this huge pop. On the daily timeframe, BIDU hit the 50DMA (151.63) as a dynamic resistance after closing a strong big-bodied bullish candle with volume. The weekly is setting up for a 168 test soon as so far, it may close a strong bullish engulfing candle. Keep an eye at 154 level or backtest 150 level, as it can test 157 to 161 (200DMA) level resistance. Above 161 level, it can test 163 to 168 (break out level). We will consider puts if BIDU fails to hold above the 149 level, as it can pull back down to 146 to 142 level support. Below that can drop down to 136 level support.

Contract Suggestion:
Above 154 or B/T 150 level: 155C 03/18 (865 Volume @4.85) or 160C 03/18 (1.9K Volume @3.60)
Below 149 level: 140P 03/18 (510 Volume @ 2.64)

 

 

***NEWS TO LOOK OUT FOR THIS WEEK***

  • Unemployment Claims data on Thursday (03/17) at 5:30am PST/8:30am EST
  • OPEX on Friday (03/18)

 

 

 

 

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