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.
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