Talking Technicals [part 2] -- December 3rd
This is part 2 of today’s Talking Technicals, part 1 went out this morning which you can read here…
Part 2: The stocks discussed in this writeup (none of which I own yet) are:
FIGS
SHOP
SMCI
YOU
RUN
AEHR
PANW
CLFD
NET
MP
AMD
PLTR
TTD
PLUG
ON
MDB
BROS
SQ
SE
SKIN
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FIGS — Figs (no position)
FIGS broke out of a long downtrend this week (on nice volume) and reclaimed the 50d EMA/SMA however now it’s running into the VWAPs from the August highs, if it can push through those then it has to deal with the 100d SMA/EMA. Lots of possible rejection spots. If you want to own it here use the 8/10d EMA as your SL (stop loss) which is just below the DTL (downtrend line). If I was going to trade FIGS I’d want to see it push through the VWAPs and the 100d SMA/EMA.
The second chart is just zoomed in so it’s easier to see everything.
SHOP —Shopify (no position)
SHOP broke out a couple months ago and has been in a nice uptrend ever since, reclaiming the 200d SMA this week although it looks like $45 is providing some resistance. I think you can buy SHOP but keep a SL below the 200d SMA, or you can wait until it clears $45 . If it clears $45 then you have to keep an eye on the 200d EMA and the VWAP from the ATH. I would expect both of them to give some resistance. SHOP is up almost 100% from the October lows which seems extreme for a stock with less than impressive fundamentals or profits. I think the easy money on this name has been made, probably better risk/reward ideas elsewhere.
The second chart is just zoomed in so it’s easier to see everything.
SMCI — Super Micro Computer (no position)
SMCI finally pulled back this week but found support at the 20d SMA, I’m tempted to start a position this week with a stop loss at $83.50 which is just below the 21d EMA and the VWAP from the Q3 earnings gap up. I like the risk/reward on this one
