Four Stocks To Watch This Week - Monday, August 12

By WiseTraders of WiseTraders

Home of the patented OVI. Global pioneer in stocks & options, helping you Trade Better, Faster. • Aug 12, 2024 at 8:33 AM EDT

Monday's sharp drop was followed by the anticipated pullback/consolidation. Now, a record number of consolidations are occurring, nearly all with shrinking volumes.

Monday's sharp drop was followed by the anticipated pullback/consolidation. Now, a record number of consolidations are occurring, nearly all with shrinking volumes.

This suggests a lack of buying conviction and a higher likelihood of a waterfall price action - ie further volatility and downside.

The markets do remain precarious, and volatility could manifest as uncomfortable whipsaw action.

Here are four stocks to keep on your radar this week:

WiseTraders Weekly Watchlist - August 12, 2024 to August 16, 2024

CTVA (bearish) - Before earnings it looked like a potential buy, and post earnings it looks like a sell if it can breach its recent lows. Bearish OVI, bearish Shrinking Retracements, bearish action around Key Levels... The Big Money Footprints point to bearish action.
FUTU (bearish) - Consolidating just below its 200-dma and with earnings on 20th August. The signs look bearish, but you might want to hold off until after earnings or monitor as earnings is announced before the open.
JCI (bearish) - Another bearish post earnings setup with negative OVI and bearish Shrinking Retracements. Price action needs to confirm failure at its 50-dma in order to become a bearish play.
TCOM (bearish) - Bumping its head on its 200-dma with several bearish Big Money Footprints on display including the OVI and Shrinking Retracements.

More By This Author:

Four Stocks To Watch This Week - Monday, August 5
Market Reset Playing Into Our Hands
Reset In Play

Disclaimer:

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Remember, we only trade confirmed breakouts and always manage our trades with the E.D.G.E trade plan. This watchlist does not constitute financial advice or trade recommendations.

Results may not be typical and may vary from person to person. Making money trading stocks takes time, dedication, and hard work. There are inherent risks involved with investing in the stock market and options trading, including the loss of your investment. Past performance in the market is not indicative of future results. This is neither a solicitation nor an offer to buy/sell stocks or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in this training, video or website. All trades, patterns, charts, systems, etc, discussed in this training, video or website and the product materials are for illustrative purposes only not to be construed as specific advisory recommendations. Any investment is at your own risk.

STOCKS IN THIS ARTICLE

CTVA JCI TCOM FUTU

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