Hi everyone,
I hope you are having a great Saturday!
In this article I’ll concisely share my thoughts on the Week’s action. And share a bunch of stock charts that caught my eye.
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Now let’s dive in ↓
QQQ - Huge upside reversal to end the week. We’ve been choppy for about 10 days now. Watching for follow through up.
End of month institutional adjustments likely contributed to the wide range. We are below the 10ema now but remain above a rising 21ema and 50 sma
IWO is that a cup and handle I see?
Shortest - 10 Day EMA - Down - Below declining
Short-term - 21 ema - Up - Above Rising
Intermediate term - 50 sma - Up - Above Rising
Longterm - 200 sma - Up - Above Rising
NVDA holding up above the 10 ema, some more rest up here would be welcome
DELL will be interesting to see how it trades from here. Gap down on EPS but good move off the 21ema
CRUS tight
DECK acting well post gap
ONON same theme
HIMS strong action after slightly undercutting the gap low
NVCR flagging into the 10ema
BROS watching for follow through up
NVAX biotech tightening post gap
Strong end to Friday and the week. We remain above the MAs
Risk Management is Paramount
Refuse to enter randomly without managing risk and wait for the spots to develop, they will. Stocks during strong moves always pull back to the 21 ema, 50 sma multiple times. Look for a tight and logical entry point.
Have patience, focus on the best stocks with the greatest potential. These will telegraph the rest of the market.
Take it day by day and manage risk along the way. Be ready for anything
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Cheers!
Richard
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