Since these meme stonks have been hogging all the attention in the market lately, it feels pretty stoopid to not have them included in our weekly preps. But at the same time, I have been purposefully leaving them out because it’s important to show people “hey, you can actually trade names OTHER than the trash that WSBs keep pumping.” So I made the decision that I would simply put out a 2nd Sunday Prep and make it exclusively all the Meme names. I am going to keep this prep to pure technicals since I know all the apes out there don’t care that the shit they own is pure garbage. My guess is that even keeping it to technical analysis will still get me a few death threats. Yay!!! So let’s get into it.
Regardless what all the apes want you to believe, this name actually respects technicals VERY well. Under 37.66 and she has a date with the 20d. But that retrace from the highs down to that level was pretty close to a 61.8% fib retrace from the May 20th lows to the June 2nd highs. I think any hard flushes down towards the 38-39 level offer great spots to scoop for big bounces. Everyone that ISN’T an ape and just likes to make money daytrading can really bank on these bounces to pay the bills. If you’re an ape, then just hodl I guess. Maybe eat a crayon or 2.
Zooming in a bit you can see that Thursday and Friday put in a nice lil reversal setup that broke us out of the upper part of the pennant. If this gets it legs to the upside, I would even be willing to buy flushes back into the 47 area for quick bounces. Bulls really need to find a way to push it up over 60 again in order to get the momentum back though. Lets see what they have left in the tank this week. There are great opps to fade the name on squeezy extensions that go para, so regardless what you might think, I DO actually want this to rip higher.
Man, bulls almost succeeded in getting this thing back into la la land. They just needed to clear that 348.5 level on the daily and it could have been some serious fuckery taking place. But unfortunately for them there was a lil thing called earnings which sent those dreams right out the window. If it flushes hard to the 50d it may offer a decent bounce play, but I would rather play this one from the short side moving forward. Bulls would have to do some serious work to get this thing looking primed for longs again. Would love to see a big shove towards 280 to short against, but that may just be wishful thinking. ATR on the name is 30pts tho, so keep that in mind regardless of which way you trade it.
So far she held on by a thread to that 13.56 level. Under that and it should send it tumbling towards the 20d. If it flushes hard I would be willing to bounce it around 12.20s. But if it cracks the 13.56 level it will also be primed for shorting pops and joining trend. I would also be game to short any para rips into the 16.60-17 area.
I was actually surprised to find out this pos was on their radar. It doesn’t even have a high short interest. Float is huge. Not sure what they see in it. Chart is broke AF for now. Any pop towards 12.70 would be getting my attention for a short. If they somehow manage to get this thing back towards the 14s I would be polishing Thor’s hammer in preparation.
Another broke AF chart, but this one seems to have found itself a bit of a base here. Kind of in no-man’s land for now. Either need them to spike it up towards 19s to get short or flush it out for possible spots to scoop. The real area of interest for a bounce is the 10 area, but I would be willing to bounce it from the 12 area if they were to flush it there hard. Most people that know me know that when I say I’m looking to scoop a hard flush into an area, it’s for a quick bounce play back to some lower timeframe targets. But for those of you who don’t know me, just make sure you understand that NONE of these ideas are for long term plays. They are ALL for daytrades.
Out of all the trash these autists like to trade, this name actually has the best looking daily chart. Would definitely be worth scoops around the 20d/50d for bounces. If they can get it running, a hard rip into 25 would be the first spot where I would be interested in the fade. But if they can actually get it really going, I think the 32 area offers a legit giant opp on the short side. We’ll see what they can get going.
Tesla is a name I’ve covered before in prior Sunday Preps, so I just went ahead and left all the TA stuff that was already on the chart there. The long idea (shown by the red/green shaded area) is a swing idea that you can see is actually about to trigger a nice lil entry if it can push over 635.59, which is why you see I have an alert set there. I really do think the TSLA chart is starting to shape up nicely again. As far as daytrades are concerned though, I only want entries to fade a move set at areas of extremity, which in the case of Tesla are often quite far away. For the short I would be looking for a big spike into the 700 level and for the long I would need to see a giant flush down towards 540ish.
That’s it for the Meme Stonk Edition. Hope you all had a great weekend and are ready to attack the market come Monday morning. Cheers