Trader's Weekly 9/7-9/10
*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*
ARKK
Growth looks to be at an inflection point here, if we can see ARKK close above 125.50 that would set us up for a rotation back toward 136 and 147. I would keep an eye on this pivot and use it as a guide. If we reject 125.50, 121 and 118.75 are in play. Below 118 and 112, 104 are your downside targets.
ARKG
Have a feeling that this time is the time it’ll get going and sustain an up trend. Over 88.31 and we have room to 91, 99.44 and 107.69. If I’m trading momentum, I’m only interested long here over the 88.31 pivot. Let it break out of value for the year and confirm it, no reason to be a hero in the chop zone.
APPS
Monster volume the past few sessions, seeing some new institutional investors finally allowed to be involved here which could send this back toward its highs. I like dips here against 62 targeting 70, 81, 86. If we lose 62, a fade back to 52 and 48 could be in play so be aware.
CFLT
This is one of the names that I’ve followed loosely and do like long term, but not enough to create room for a position. Having said that, the chart looks good here and it’s probably due for an IPO base breakout. Liking dips against 57.50 for 65+. Under there and 53 and 47 are in play so be aware.
CHWY
Bounce play here at 73.86 if it flushes off the open tomorrow. I don’t think this one is going to rebound quickly, so any strength probably gets sold. I’d look at the Peloton chart as a potential comp here.
COIN
Dips against 269 could work if you see any volatility in crypto. I’m not sure if you’ll get that weakness this week, odds are we probably see a $5 gap up tomorrow morning with bitcoin over 52k again. If crypto keeps its bid, 297.50, 311, 340 are your upside targets. Under 269 and 241 is in play.
DOCU
Over 311 and 321 is in play. Any dips to 303 that hold could be buyable. Good volume here, should see a new leg higher being made.
DLO
Looking a little toppy and over extended short term. If 70 continues to fail, there’s room here to 64.50 and 50. I’ve got an alert set in case we see some selling.
GDRX
Entering into price discovery. Dips against 40 could work for 45, 54. Reminds me of Unity so you can look at that chart as a comp. Under 40 and I wouldn’t be interested long. Has downside risk to 35s.
MDB
Great company, not much to do here, but watch 490 if you want to try some long here. Love the volume that we saw.
NET
Needs to clear 132 to keep going and push toward 150.
SHOP
Liking this for a continuation. If we can hold above value here, 1619 is in play and a likely target.
SQ
Watching a shakeout to 259 before seeing this push and break through 276.50. Should catch a 300 magnet once it breaks out of value here.
TSLA
773 is in play if 730 continues to hold.
U
Starting to push the top of value for the year. A potential pull back off of 138 would be healthy and make sense. If it can clear that level with volume, 149 and 156 are likely targets.