03/25/2022 Watchlist Chart
Watchlist for Friday, 03/25/2022
$NVDA – The stock traded up 9.82% during market hours. We mentioned the descending triangle breakout on Monday for a 280-285 test, which came today (calls jumped about +2000% today). We would like to see a backtest of the break-out level of 272 before a move higher, but NVDA may not give us that backtest. Keep an eye on the 285 level, if NVDA can break above with volume, it can test 290 to 295 level resistance. Above that can test 300 (hard resistance) to 310 level resistance. We will consider puts if NVDA fails to hold above the 277 level, as it can pull back down to 272 (previous break out level) to 263 level support.
Contract Suggestion:
Above 285 level: 290C 03/25 (62.9K Volume @1.45)
Below 277 level: 275P 03/25 (44.8K Volume @1.50)
$FB – The stock traded up 2.86% during market hours. On the daily timeframe, FB broke out of the inside day pattern and showed relative strength during Thursday’s trading sessions, and managed to close near the high of the day. On the 4hr timeframe, it broke out of the falling wedge pattern and flagging for a move higher. We would like to see a backtest and pullback the 115 level before a move higher as the 115 was a big break-out level. Keep an eye on the 220 level (HoD on Thursday) or backtest 115 level, as test 224 to 228 level resistance. Above 228 level, it can test 230 to 235 level resistance. We will consider puts if FB fails to hold above the 115 level, as it can pull back down to 210 (9DMA) to 207 level support.
Contract Suggestion:
Above 220 or B/T 115 level: 220C 03/25 ()106.5K Volume @1.65) or 222.5C 03/25 (29.1K Volume @0.79)
Below 115 level: 115P 03/25 (30.4K Volume @0.44)
$SNOW – The stock traded up 2.40% during market hours. On the daily timeframe, SNOW is setting up for a huge breakout after making a “V” shape recovery off of the 164 levels the past week. It managed to close a strong bullish pin bar off of the converging daily moving averages with a nice gap to fill from 234 to 250 level. Keep an eye on the 230 level, if SNOW can break above with volume, it can test 235 to 243 level resistance. Above 243 level, it can test 250 to 253 level resistance. We will consider puts if SNOW fails to hold above the 227 level, as it can pull back down to 222 to 216 (14DMA) level support.
Contract Suggestion:
Above 230 level: 235C 03/25 (1.6K Volume @1.05)
Below 227 level: 225P 03/25 (248 Volume @3.10) or 220P 03/25 (2.6K Volume @1.30) – Wide Spreads
$GOOGL – The stock traded up 2.38% during market hours. On the daily timeframe, GOOGL was showing relative strength as it managed to close near the high of the day after a quad-triple bottom at the 2500 level. Currently, its being supported by the 200DMA (2746.96) and is setting itself for a 2900 test after breaking out of the inside day pattern. Keep an eye on the 2840 level or backtest 2820 level, as it can test 2856 to 2870 level resistance. Above 2870 level, it can test 2885 to 2900 level resistance. We will consider puts if GOOGL fails to hold above the 2820 level, as it can pull back down to 2800 (near 100DMA) to 2788 level support.
Contract Suggestion:
Above 2843 or B/T 2820 level: 2870C 03/25 (1.2K Volume @4.90)
Below 2820 level: 2795P 03/25 (124 Volume @5.40)
****NEWS TO LOOK OUT FOR THIS WEEK****
- 5-year inflation expectations on Friday (03/25) at 8:00am PST/11:00am EST
- Ongoing Russia/Ukraine Crisis news with a splash of China intervention