Stock Watchlist 4/9: OXY, FDX, ZM, AMZN, SPY, DEAC, MFA, MGM
Light day for me Tuesday. Today saw better action. Oil is primed now that the Saudis loaded the boat on cheap stocks they created by increasing supply. Now look for the supply cuts so they get their stock going. Price levels from previous watchlists remain in play. Top watches for Thursday:
OXY - Chart update. Finally breaking out over 15. Plenty of upside room if we're timing the oil bounce correctly. I'm long June calls.
MFA - new to the list. I mentioned on Twitter mid-day. I'm long calls as I anticipate a speed up day off the bottom curl. Today might have been it, but considering it was 7 last month, a move towards 4 is the Fibonacci retracement bounce area.
FDX - Back on the list after trading it in February. No position currently, but looking to start one on follow-through over Wednesday's high. Swing trade setup with the target towards 145, the previous support area that failed.
ZM - Looking to get short in the near future UNLESS they miraculously clean up security concerns. The short setup is if 110 fails with target towards 75-90 range.
AMZN - chart update from earlier this week. Consolidated above 2k and started to breakout for next leg up Wednesday. First swing target towards 2200.
Throwing SPY in here. 275 next spot. Futures are consolidating as we speak. Ideally, everything opens flat to red and we get the continuation breakouts across the board.
DEAC - soon to be DraftKings. The vote meeting was scheduled for Thursday, but a Form 4 filing suggested otherwise even though no official PR has been released yet. Either way, nice breakout today on hopes MLB may look to start up in May. Chart needs follow-through over 15/15.50 for next leg up.
MGM - Lower high triangle setup off lows. Bullish continuation watch over 15.50. Several charts setting up like this. Run a finviz scan for 0-3% below 20 day high. You'll find 750 names primed.