8/04/2021 Watchlist Charts
8/04 Wednesday Watchlist
$SNOW – The stock traded up 6.07% during market hours but was down 0.20% after hours. On the daily timeframe, $SNOW finally broke out of the ascending triangle and closed a strong bullish engulfing candle. It rejected 275 level twice but punched through and closed almost near highs during Wednesday trading sessions. We can see a strong continuation for $SNOW if $QQQ continues to remain near highs. Keep an eye on the 285 level, if $SNOW can break above with volume, it can test 290 to 295 level resistance. We will consider puts if SNOW fails to hold above the 283 level, if can pullback down to 280 to 275 level support.
Contract Suggestion: Above 285 level:290C 08/06 (21.9K Volume @3.50) or 300C 08/13 (18.4K Volume @4.10)
Below 283 level: 280P 08/06 (1.6K Volume @3.30)
$PINS – The stock traded up 5.06% during market hours but was down 0.08% after hours. $PINS was showing relative strength compared to the overall market as it closed a bullish engulfing candle on the daily timeframe. $PINS do have a nice gap to fill from the previous gap down if we continue to see moment um. Keep an eye on the 61 level, if PINS can break above with volume, it will start filling the gap starting from 63 to test 66 level resistance. Above 66 level, it can test 69 to 71level resistance. We will consider puts if PINS fails to hold above the 59 level, as it can pullback down to 56 to 54 level support.
Contract Suggestion: Above 61 level:62C 08/06 (5.7K Volume @0.50) or 62C 08/20 (1.9K Volume @1.59)
Below 59level: 58P 08/06 {1.9K Volume @0.42)
$CHWY – The stock traded up 1.60% during market hours but was down 0.29% after hours. Since the start of this week, $CHWY has been riding that 200DMA (83.65) as a dynamic support as it tested and held above. During Wednesday’s trading sessions, $CHWY was able to test the 85-level support twice and managed to close a somewhat strong bullish candle on the daily timeframe. The daily RSI over 50 gives a bullish sentiment. On the weekly timeframe, it’s been holding the upwards channel heading into their earnings on Sept 21st. Keep an eye on the 88 level, if $CHWY can break above with volume, it can test 91to 93 level resistance. We will consider puts if $CHWY fails to hold above the 85 level, as it can pullback down to 83 to 80 level support.
Contract Suggestion: Above 88 level: 90C 08/06 (1. K Volume @0.54) or 90C 08/20 (3.7K Volume @ 2.24)
Below 85 level:85P 08/20 (132 Volume @ 2.64)
$MRNA – The stock traded up 11.51% during market hours and was up 1.29% after hours. $MRNA reports earnings on Thursday
“(08/05) before market opens. $MRNA was showing relative strength as it was able to not only closed a bullish engulfing candle but managed to close at high of the day. It was overall very strong all day with all dips being bought. On the 4hr timeframe, $MRNA was trading within an ascending triangle with the key resistance at 362 before it was blasted towards the end of the day. Keep an eye on the 389 level, if $MRNA can break above with volume, it can test 400 to 402 level resistance. Above 402,it can test 424 to 432 level resistance. We will consider puts if $MRNA fails to hold above the.379 level, as it can pullback down to 368 to 365 level support.
Contract Suggestion: Above 389 tevel:400C 08/06 (20.5K Volume @9.90) or 410C 08/06 (5.4K Volume @7 .50)
Below 379 level: 360P 08/06 (5. K Volume @4.75)
* *NEWS TOO LOOK OUT FOR THIS WEEK * *
– A DP employment report for July 2021 on Wednesday (08/04) at 5:15a m PST/8:15am EST
– Unemployment claims data on Thursday (08/05) at 5:30am PST/8:30am EST
– Nonfarm payroll for July 2021on Friday (08/06) at 5:30a m PST/8:30am EST