Traders,
I hope you’ve all had a great long weekend! As always, I look forward to sharing some of my top ideas for the upcoming week with you all.
As has been the case in recent weeks, I’ll be primarily focused on the leading themes.
Continuation in VELO: The space sector has been running hot, and will likely continue in my opinion, right up until the SpaceX IPO. VELO was one of the few names that had not yet broken out and had formed a strong base near key short-term SMAs. On Friday, it broke out and closed near the HOD. Now, I am already long with a stop near Friday’s low. But going forward, I’d like to see basing above Friday’s high and an intraday breakout for adds, or a dip into the 2-day VWAP and reclaim for an add. I’ll be looking to trim my position on any intraday extensions from VWAP and leave a core 10 – 20% on with a trail.
*Please note that the prices and other statistics on this page are hypothetical, and do not reflect the impact, if any, of certain market factors such as liquidity, slippage and commissions.
Similarly, several other names within the sector had excellent breakouts and follow-through on Friday. I am not looking to chase highs, but I am definitely looking to get involved for momentum if we get dips into support/reclaims. Names in that regard include: LUNR, RDW, RKLB, ASTS.
Further Build / Continuation in OUST: Ouster is part of the robotics theme, which is still developing but could certainly gain major traction in the coming weeks/months. I particularly like the reclaim of the 200-day SMA in April, followed by higher lows and then basing above key SMAs. Given Thursday’s extension, I never trusted the breakout on Friday… But this is a name I will be monitoring closely in the following days. Ideally, I’d like to see further build / a couple inside days / a higher low into the rising 10-day SMA to get long… with a lengthy timeframe for the swing position.
*Please note that the prices and other statistics on this page are hypothetical, and do not reflect the impact, if any, of certain market factors such as liquidity, slippage and commissions.
In terms of continuation in leading names, there’s actually just far too many to include here with detailed write-ups. So, below I’ll cover a handful with concise plans:
AVGO: Consolidating above prior highs from November last year. Tight coil and base. I’d look to get long above the 10-day SMA for a swing starter.
*Please note that the prices and other statistics on this page are hypothetical, and do not reflect the impact, if any, of certain market factors such as liquidity, slippage and commissions.
CIFR: Building out a nice base above the 10 and 20-day SMA. Above Friday’s high + rel. Strength to its peers, and I will get long for a multi-day move. Other notable watches in the sector include NBIS, IREN, and CRWV.
*Please note that the prices and other statistics on this page are hypothetical, and do not reflect the impact, if any, of certain market factors such as liquidity, slippage and commissions.
MU / SNDK / INTC: Building out a nice base and appears to be correcting over time. Monitoring for further consolidation before looking to enter long on a consolidation breakout. Ideally, another week+ of build.
*Please note that the prices and other statistics on this page are hypothetical, and do not reflect the impact, if any, of certain market factors such as liquidity, slippage and commissions.
DOCN: Couple of attempts at breaking resistance on Thursday and Friday, with declining vol. Still closely on watch for a breakout above prior week’s high and continuation.
*Please note that the prices and other statistics on this page are hypothetical, and do not reflect the impact, if any, of certain market factors such as liquidity, slippage and commissions.
USO: If a deal is signed and the Strait’s reopened, I’ll look for pops to short in USO – lower highs within an intraday downtrend to short against prior 5-min lower highs.
*Please note that the prices and other statistics on this page are hypothetical, and do not reflect the impact, if any, of certain market factors such as liquidity, slippage and commissions.