Disciple Of Trend Watchers For The Week
This week could be very volatile as we have a lot of job data this week ahead of the FOMC meeting next week. The markets could be very active as we will have some sort of job data from Tuesday until Friday. If the data comes in cool, we could continue this bull run, but if it comes in hotter than expected, then watch out below as it could spark a big risk-off move.
If things do get ugly, the $SQQQ, $SARK, $TZA, and $SOXS will be your new friends and should get all of your immediate attention. These will be great hedge plays on the broad markets and for certain sectors of growth and tech.
Meta Platforms Inc. (META)
I am looking to scoop this stock up near the 50 SMA on the daily chart. This stock is getting close and I feel unless we’re expecting these big tech names to unravel and same for the markets, this is going to be where buyers are looking to jump into the stock. The 50 SMA is currently at $317.26 as of now, so as we approach closer I am ready to pounce if the stock holds at or near this level. On top of that, there is also more support just underneath the 50 SMA as well at $310. This is a dip buy for $META and there is great value in the near term if $META just rebounds back to where it came from. I love this lo risk/high-reward trade idea.
Airbnb Inc. (ABNB)
I rarely bring up breakout play ideas, but this could be one you do not want to miss. $ABNB is turning up and has the potential to make a decent move near term. There is some resistance in the picture at $140, I think it can still be of short-term value. I think the stock can peak near $145 before it rolls over, but I would say that if it does pull back and hold $132, the demand is strong and we should see the big upmove coming forward. The bounce was huge last Friday and I think that momentum can continue this week. $ABNB is a watch for an extended breakout to $140-$145 this week.
Analysis
Have a great trading week! Remember to keep that risk in check!
Charlie Moon
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