03/24/2022 Watchlist Chart
Watchlist for Thursday, 03/24/2022
$TSLA – The stock traded up 0.52% during market hours but was down 0.12% after hours. On the daily timeframe, TSLA found a hard rejection at near that 1020 level (previous hard resistance) but managed to hold onto its gains. It’s almost a shooting start pattern despite it closing green with above-average volume. There still was some bullish flow heading into the weeklies 1050s and next week 1100s as well. TSLA is due for a pullback, but the RSI isn’t even above the overbought range, TSLA may still have some room to run. Keep an eye on the 1000 level, if TSLA can break above with volume, it can test 1020 to 1040 (HOD on Wednesday). Above 1040, it can run from 1050 to 1077 (harder resistance). We will consider puts if TSLA fails to hold above 988 (near the 100DMA) or 1000 rejection, as it can pull back down to 978 to 964 level support. Below that can drop down to 945 to 930 (stronger support).
Contract Suggestion:
Above 1000 level: 1050C 03/25 (129.3K Volume @5.80) or 1100C 03/25 (108.3K Volume @1.87)
Below 988 or 1000 B/T rejection: 950P 03/25 (48.5K Volume @5.45)
$SHOP – The stock fell 3.22% during market hours and was down 0.27% after hours. On the daily timeframe, SHOP broke out of the falling wedge pattern but closed bearish during Wednesday trading sessions. One key thing to know is that the Wednesday candlestick was a low volume pullback which gives me the indication there’s some room to test 787.60 (50DMA) if the market bounces. On the 1hr and 4hr timeframe, SHOP is still within a flag. Keep an eye on the 714 or b/t 700 level, as it can test 739 (HOD on Wednesday) to 753 level resistance. Above 753 level, it can test 777 to 787 (50DMA). Above that can test 800 to 820 level resistance. We will consider puts if SHOP fails to hold above the 700 level, as it can pull back down to 666 to 650.
Contract Suggestion:
Above 714 or B/T 700 level: 750C 03/25 (5.2K Volume @5.50)
Below 700 level: 660P 03/25 (538 Volume @5.20) – Wide Spreads
$MSFT – The stock fell 1.50% during market hours but was up 0.12% after hours. On the daily timeframe, MSFT broke out of the wedge and is currently back-testing that breakout level. This would be a great entry point as it’s a low volume pullback with the 50DMA (297.49) acting as a support level. Keep an eye on the 300 level, if MSFT can break above with volume, it can test 302 (near 200 DMA) to 303 level resistance. Above 303 level, it can test 306 to 309 level resistance. We will consider puts if MSFT fails to hold above the 297 (50DMA), as it can pull back down to 296 to 294 level support.
Contract Suggestion:
Above 300 level: 302.5C 03/25 (9.6K Volume @1.42)
Below 297 level: 295P 03/25 (5.6K Volume @1.19)
***NEWS TO LOOK OUT FOR THIS WEEK***
- Unemployment claims data on Thursday (03/24) at 5:30 am PST/8:30 am EST
- Ongoing Russia/Ukraine Crisis news with a splash of China intervention