Hey everyone, welcome back to another Sunday Scan.
Big sector moves this week after China announced more aggressive stimulus and many of the large names spiked up into longer term channels. We will dig into this topic in the video, and then later on, we will be joined by Dawson to go over a bunch of names on watch for the week ahead.
Make sure to check out the latest Trading Takes episode with an 8 figure swing trader if you haven’t already.
Video Scan and Game Plan
Charts in Play From the Past Week
PDD recovered most of the move from the earnings drop and is now running into some resistance.
BABA strong move back onto a two year channel on stimulus announcements.
XPEV smaller China names may move more on a percentage basis both up and down when the mean reversion trade comes.
NIO another smaller China name running with the sector.
SMCI breaking news opportunity on the DOJ probe with great option potential on headlines.
LASE ran up until they made options available and then mean reversion down.
MSTR is running with BTC and likely makes new highs if BTC does.
Main Watches
CNEY there are some small cap China names with extended dailies far enough from the 4ema to use to gauge extension. RSI 90+ on each of these. Not sustainable imo. FFT potential, 1.15ish key looking left from 9/11/24 closing VWAP. .97-1ish as a guide for confirmation.
DUO if China sector is weak, this could follow. Like it for FFT, if it stays red for pullback. Notable in this one (different than CNEY) is where vol profile sitting. Day two gap/extension volume far lighter. 1.10’s where most vol traded. If it holds then cautious.
UXIN sold that long too early. 2.16 entry and sold 3’s. Now looking for next opportunity of first red day. 5.20 late day FFT spot, possible exhaust spot, sub 4.80 confirms.
NA needs more volume for anything sizable to trade it. But also creates a liquidity pocket back to .60 on that parabolic to 1.
LX volume is increasing as price rises. Outlier range for this name. Opening range lows/breakdown and/or red move as trigger for trend join for first red day FFT.
GEVO has a recent history of clean multi day runs. Breaking out of consolidation range. Dips vs 1.50 that build for bigger picture breakout through 1.80.
FTCI through .58s breakout spot. Premarket resistance from 9/11/24 in the .70s to keep in mind. Liking weak opens, stabilize vs low of day for a r/g and big picture build.
IMRX is not an immediate watch, but it’s on watch for the entire week. Noting this as a possible break below 2.20 dead, break above 3.30 breakout potential.
PDD BABA on watch for mean reversion when they run into resistance and start to act heavy. Some asian markets are closed this week so possible some of the buying slows.
TSLA reports Q3 numbers this week so bull thesis either validated, or if numbers disappoint then could play a pull back.
FCX has been on a nice run from copper and gold prices rising. If either of those two commodities drop then this could have a nice mean reversion trade but otherwise it will likely trend with the commodities.
MSTR COIN running with BTC on watch for continuation especially if BTC breaks highs.
SMCI has a presentation this week and any news could move it 50-100 points so be on the lookout for more breaking news trades. IU has the best tools to spot these kinds of trades so make sure to check out the tech by becoming a member.
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