Week of 03/01/2021

By iamtez -

Welcome back everyone. Hope you had a great weekend.

 

While last week lot of stocks broke down, we had a great week. Many stocks are at a point where they might bounce but I feel like the bounce will be sold off as I do see some more downside. Futures are up right now so be careful trying to chase this bounce.

 

Below are stocks that look good to me for UP move.

 

ANET Mar 19, 2021 300c

Played this to the downside last week. It seems to have reached a good point for an entry. A bounce back to 293 should happen soon. Getting into monthly calls due to volatility.

ETSY Mar 05, 2021 240c

Great jump due to very good earnings on Friday and a follow through to 239.5 seems very likely this week. Infact, if it breaks that with volume, then this could run a lot more.

MU Mar 05, 2021 95c

Chart looks strong and it is about to go into breakout territory. I think 100 is very likely this week.

SBUX Mar 05, 2021 110c

Nice move last week and this is in breakout territory with a strong chart.

 

There are many broken charts from last week and for lot of stocks a test back to 200d seems likely. We might see some nice bounce to start the week but I would rather be cautious and sell the rips and let the damage be repaired this week before being too aggressive. If we do see a good bounce through the week, it would setup many stocks nicely for a follow through move the week after.

 

ALWAYS REMEMBER TO USE STOPS AS PER YOUR APPETITE TO HANDLE LOSES.

 

Disclaimer: The views and opinions expressed here are my own. Before taking any financial decisions based on these, please do your own due diligence.

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