Watchlist 2023-05-31 $CHPT $CPRI $AMBA $PDSB $AAP

31 May 2023

SPY lower ahead of an imminent vote in Congress later today, coupled with disappointing quarterly revenue results from Hewlett Packard Enterprise adding to the negative sentiment. Key Res for today is 420.50, PD inflection and pivot high. Key support today is 416.

Friday had the characteristics of a positive trend day. If you saw the internals it could have given you the confidence needed to stay in the longs the whole day and possible even add on pullbacks.

For further confirmation of a trend day, watch for:
ADD pinned near +\-2000
VVOLD ratio over +/- 3
TICK cumulating past 0 wicking to +/-900

CHPT - ChargePoint stock rallies 11% after BofA says EV charging company is 'best in class. Looking for support to for at two potential areas 9.50 and 9.25 to risk off a long trade for a day 2 continuation. Breaking over the 9.25 range and seeing the 9 ema curve over the 21 ema is a bullish sign.


Support 9.25. 9.50
Resistance 9.80
Inflection 9.50


CPRI - Michael Kors parent Capri's stock falls after company swings to loss as revenue slides 10.5%. CPRI has a nice volume void between 39 to 37. if we see weakness of the open, look for a pullback under VWAP to get short. Unsure were the risk will be as it could possibly be very spready judging from the PM action. However, really interested in the trade as the market appears to be weak and CPRI had a fadeout PD on high vol, and PM vol is already 2.4 and has only moved. .80 ATRS so far. Keep this on watch.

AMBA - Ambarella stock drops nearly 14% on weak outlook. PM RVOL 4.5, down 20% or 5.5 ATRs (which is a hell of a lot). However, don’t have a bias yet, let the price action confirm. If the first move is a huge green bar that holds, will likely have to join that trend as it can last for another hour before any shorts step in.

AAP - Advance Auto Parts's stock suffers record plunge after big profit miss, dividend slashed by more than 80%, Looking for pullback to get short until 73 support is reach. Also, open to any potential trend changes intraday to get long.

PDSB - day 3continuation long as long as we stay above 8.17 and the tape is bullish (bids are being supported). PDS Biotechnology Shares Rise After Releasing Early Drug Data


Chips:
Profit taking PD for chips as NVDA, MRVL, MU all heading lower. Looking for dips into key levels, and BO's from consolidations where there is at least 2 touches of a level.

Comment what you are watching!

31 May 2023

Not

Adding BOX to the long list. Earnings beat. Gapping ONLY 1 ATR over the important 28.50 range on 4.5 PM RVOL and only passing the 200 ema. Tons of support below.