11 Stocks to Watch For This Week - August 16, 2020

Here are some stocks to watch for this week.

1. Amazon.com (AMZN)

AMZN has 3 supports at its current price. 2 trend lines and the 20 EMA. We are currently long Amazon stock and looking for the trend to continue to new highs. Will consider closing for a loss if it goes under $3050.

2. Snap Inc. (SNAP)

A play from our watchlist last week. Click here to check out last week's watchlist as some of the tickers are still relevant this week. We are currently short SNAP to hedge against our long positions. Head and shoulders formation, looking for a $20 price target.

3. Pinterest (PINS)

PINS had a large earnings gap recently. Earnings gaps tend to consolidate for a bit before going higher. Expecting this to eventually go higher. $33.50 is support so we wouldn't want that level to break in the short-term. 

4. Industrial Sector ETF (XLI)

Another one from our last week's watchlist. XLI has outperformed the market as of late, as we've been expecting. Ideally, we'd want this to consolidiate for a few days, and continue to go higher. The same goes for XLF, the financial sector ETF.

5. Overstock (OSTK)

Looking for a continuation of trend, new highs. Hanging around the 9 EMA for now which is support. Stop loss under $83. Will re-evaluate if we get stopped out.

6. Utilities Sector ETF (XLU)

A trend line inside of a trend line. If it can hold here over the 200 SMA for a few days and start to curl higher, it is a buy.

7. Johnson & Johnson (JNJ)

An overall cup and handle pattern with an inverse head and shoulder inside the handle. Looks good for a long at current prices. Stop loss under $142.50

8. Cadence Design Systems (CDNS)

Currently long, looking for trend continuation using this strategy. 20 EMA support. Stop loss $103.

9. Tupperware Brands (TUP)

Same idea as Pinterest stock, mentioned above (number 3). High short interest, so it can really squeeze if it decides to.

10. Lowes Companies, Inc. (LOW)

If it pulls back to $150-151 support and holds, it may be a good spot to buy for a trend continuation. Nothing for now.

11. eBay, Inc. (EBAY)

After a few weeks of pulling back, eBay looks ready to go. Over $58 would be a great confirmation. Currently long from $56.10, stop loss under most recent swing low. Check out our fundamental analysis on eBay here.

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