Four Stocks To Watch This Week – Monday, August 12


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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