11/08/2021 Watchlist Chart

11/08/2021 Watchlist Chart

 

Watchlist for 11/08/2021

 

$FB – The stock traded up 1.57% during market hours and was up 0.22% after hours. On the daily timeframe, FB was showing relative strength at market open but quickly was rejected from the 50DMA (346.91) and lost majority of its gains at the bell. We continue to see increase in volume as FB continues to trend higher and will likely fill the gap from the previous gap up this coming week before a move higher. Keep an eye on the 342 level, if FB can break above or back test 338 (gap fill), as it can test 347 (50DMA) to 350 level resistance. We will consider puts if FB fails to hold above the 337 level, as it can pullback down to 335 to 333 level support.

Contract Suggestion:
Above 342 level or back test 338 level: 350C 11/12
Below 337 level: 330P 11/12

 

$PENN – The stock traded up 7.60% during market hours but was down 0.15% after hours. On the daily timeframe, PENN fell sharply after earnings report but the next day it was able to gap up but closed a weak candle. There continues to be a rejection at the 63 level. On the weekly tin PENN was able to find support off the weekly 100MA (62.27) but the weekly MACD flipped red. Depending on how the market plays out this week, we may see more downside for PENN. Keep an eye on the 63 level, if PENN can break above with volume, it can test 66 to 69 (9DMA) level resistance. We will consider puts if PENN fails to hold above the 61 level, as it can pullback down to 56 to 51 level support.

Contract Suggestion:
Above 63 level: 65C 11/12
Below 61 level: 60P 11/12

 

$UPST – The stock traded up 3.06% during market hours but was down 0.07% after hours. On the daily timeframe, UPST has been trading in a tight wedge and has been trading in a very tight price action. Currently UPST has been trading within a double inside day and so far, it’s been bouncing and holding up around the 321 level. Keep an eye on the 335 level or back test 330 level, as UPST can test 339 to 344 level resistance. Above 344 level, it can test 357 to 369 level resistance. We will consider puts if UPST fails to hold above the 330 level, as it can pullback down to 321 (strong daily support) to 316 level support (break down the wedge).

Contract Suggestion:
Above 335 level or back test 330 level: 400C 11/12 – Premiums inflated due to ER on 11/9
Below 330 level: 280P 11/12

 

$GE – The stock traded up 3.36% during market hours but was down 0.22% after hours. On the weekly timeframe, GE has been trading within a large ascending triangle and managed to close a strong bullish continuation candle. On the daily timeframe, you can still see GE trading in a very tight coil and managed to close a strong bullish candle with above average volume on Friday. Keep an eye on the 109 level, if GE can break above with volume, it can test 111 to 115 level resistance. We will consider puts if GE fails to hold above the 107 level, as it can pullback down to 104 to 102 level support.

Contract Suggestion:
Above 109 level: 110C 11/12 or 115C 12/17
Below 107 level: 105P 11/12

 

$QCOM – The stock traded up 4.43% during market hours and was up 0.13% after hours. QCOM reported strong earnings and managed to gap up and hold its gains while it continues to form new all-time highs. If the market decides to pullback, QCOM would be a prime candidate for puts for a gap fill. Keep an eye on the 165 level, if QCOM can break above with volume, it can test 169 to 174 level resistance. We will consider puts if QCOM fails to hold above the 162 level, as it can pullback down to 159 to 156 level support.

Contract Suggestion:
Above 165 level: 170C 11/12
Below 162 level: 160P 11/12

 

 

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

 

  • Core CPI Data for Oct. 2020 on Wednesday (11/10) at 5:30am PST/8:30am EST
  • Federal Budget on Wednesday (11/10) at 11am PST/2pm EST

 

 

 

 

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