Trader's Weekly 9/13 - 9/17
*Disclaimer: this is not financial advice and should not be viewed as recommendations to buy or sell any asset, this is purely educational and the information below is solely my opinion, please do your own research and develop your own conviction*
RBLX
Going a little out of order here today, normally I try to keep things alphabetized but this was the first chart I really liked from my IPO growth screener so I might as well talk about it right now. I really like how this is setting up, recently breaking out of value on higher than average volume. I like the idea of buying weak opens here against 86 eventually targeting a move to 97. Under 86 and we have room to 82 and 78.
HOOD
Chart has been ugly but this one reminds me of some of the more recent issues where they pumped hard, sat back, did nothing and then perked and went running again. Like Coinbase for instance. I’d watch the 42 level here, if it can reclaim and close above we have room to 48.62 and 60 potentially.
S
Seeing some selling pressure here, above average selling volume, Idk when they have a lock up or anything like that, but this is one stock that WILL raise money every chance it gets because of how fast they are trying to grow while burning a ton of money. So, of course, be careful, but I do like this stock. I would be eying the dip to 56 for a potential bounce play.
U
If you’ve been following this Substack for a while, you would know that I’ve been calling this move perfectly and just like I expected, we faded off the top of value for the year and put in a bit of an ugly candle. I really like Unity long term and have no plans to trim my position. If I wanted to add or get exposure, I’d set a bid around 128.50 and anticipate a move back through 138.55. If we break through and confirm, we have 149 and 156 as upside targets. I think we’ll get there eventually, but I expect more selling first.
COIN
Crypto is hot at this moment, so it might gap up, but if it doesn’t, and sees more selling, I’d watch the 241 level for a bounce play.
DDOG
Love DataDog but it’s a crowded trade right now. Opportunity for a bounce play or potential DCA is here against 137. If that doesn’t hold, we can see 131 and 128 potentially.
ZI
Needs to reclaim 63.62, otherwise I see weakness here to 61.43 and 58.58. I like the idea of getting long in the 58s, at the bottom of value for the month.
FIGS
Dips against 41 could work if you like this one. Could eventually rotate back to 48.57. There’s a bit of a cult following developing here, like a LULU or PTON for healthcare workers, not sure if the thematic has a large enough TAM to rationalize a long term position, but the penetration is low so there is room for opportunity and growth despite the pie not being as big as we see normally with tech stocks.
NET
123.88 and 117.88 look like levels of interest to DCA into. It hasn’t really sold off much, but it looks due as it’s been too easy and overcrowded and needs to flush the weak hands.
PD
Surprsingly this has seen A LOT of selling volume coming in. Watching 43, if that doesn’t hold 41 and 39.84 are your levels of interest to DCA into.
ESTC
You’re in the bounce zone here against 159, if that fails, 154, 150.84 are your levels of interest to try some long if you like it.
ARKK
Rejected the break out over 125, now we retrace down to the bottom of value, 118.75 is probably a decent place to try for a bounce and rotation higher, eventually through value and to 136. But, if 118.75 doesn’t hold, 112s are on deck with potential room down to 105, 101.57.
ARKG
Failed at the top of value for the year, 88, again. This is heading to 79.62 it seems which might be an ok level of interest to get long against, but the reality is, you probably don’t need to be in here until we break out of value for the year and close above 88. Opportunity costs are building here short term.
SPY
Unless Apple changes course, 443, 438 are in play here.
GLBE
Lots of buying volume on Friday, so I’d watch the 67 level here. IF we can hold it and build off of it, a rotation toward 75 is in the cards.
OKTA
247-249 are your potential levels to play off of on the long side. Under 247 and we have 239 and 228 in play so I would be cautious under that level.
TWLO
Unless we reclaim and close above 353, we have room here to 313, 308.71. I wouldn’t mind an opportunity getting long down there, at the top of value for the year if it holds.