Here's this weeks' stock watchlist. The stocks to watch this week are: SLV, SPY, GME, FUBO, BBBY, GOLD, DKNG, SOLO, CRSR, NIO, MAT, GDNP.V, and others.
Note: If any charts are too small to see, you can click on them to see the full image.
1. Silver (SLV)
This is our top watch of the week. #Silversqueeze is trending on social media, so people want silver to be the next big short squeeze. This weekend, precious metals dealer APMEX ran out of physical silver due to high demand and is limiting the amount that people are able to order. Will the squeeze happen? Maybe. That's why it's worth watching.
Silver double bottomed back in late November, and now formed a higher support base at previous resistance, which is good for the bulls.
2. S&P 500 (SPY)
Last week, the SPX crossed under the volatility stop (blue/orange line). It also crossed under the 20 EMA (which isn't pictured in the chart below). We usually take this as a sign to scale down or hedge positions because other times the SPX has crossed under the volatility stop has caused larger pull backs. 3660, 3608 ish, and 3550 are the next support levels. Not expecting much upside for the next few weeks unless news comes out to change the market.
3. GameStop (GME)
GME doesn't need an introduction. It's on watch for obvious reasons. There are still a lot of shorts that can get squeezed here. Going to be cautious with it though.
4. fuboTV (FUBO)
FUBO broke through a resistance and is currently retesting it. It has 55-75% short interest (seen different sites report different numbers) so there's still a lot of upside potential as long as it holds this general area around $40.
5. Bed Bath & Beyond (BBBY)
Head and shoulders setting up on the 30 minute timeframe. The blue and orange are after hours and pre-market action. Resistance at $42 and trendline support just below. Looking to trade either direction. A break of $42 on volume could provide a good opportunity.
6. Barrick Gold (GOLD)
Watching for a break down under the 21.90 area. Bearish head and shoulders pattern on the daily time frame.
7. DraftKings (DKNG)
Peep the red highlighted area on the chart. DKNG has held support around there for 4 trading days straight. This can break out if the market conditions are decent, wouldn't be interested if it starts to break under those wicks. SL can be under $51.50 area.
$9.25 resistance from last weeks' watchlist was hit. Now it's consolidating. Look for a reversal candle and get long unless it breaks under the most recent swing low around $7.
9. Corsair Gaming (CRSR)
This was a winner for us last week as we sold it into that big spike. It now pulled back and we have a similar game plan as the SOLO chart above. The recent swing low is around $35 so stop loss would be under that. Looking for a reversal candle first though, no position.
10. NIO Inc. (NIO)
As long as NIO holds above $55 area, it's still bullish.
11. Mattel Inc. (MAT)
Mattel flushed down to support last week only to come quickly back up. This is a bullish sign. Watching for a break out on good volume over this trendline resistance.
12. Good Natured Prod. (GDNP.V)
Holding this long from last week. It has a tendency to go quiet for a few days before running hard. That's what's happening right now. Stop loss under $0.90. First target $1.10, second target would be previous highs.
Other Stocks We're Watching
We'll be keeping an eye on all the popular stocks from last week like AMC, NOK, BB, PLTR, NAKD, and KOSS to see if any day trading opportunities come up.
Also, we will be watching AMZN and GOOG as they report earnings on Feb 2nd.
Note: Since there's elevated risk this coming week and the S&P is showing bearish signals, we're more cautious in taking long positions and have a short position in the SPY as a hedge against our longs.
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