Home » Watchlist Week of October 17th, 2022

Watchlist Week of October 17th, 2022

Northrop Grumman (Short Idea)

I have been watching NOC for a long trade for the last several weeks. In fact, I even added it to the Watchlist back in September.

Daily Chart of Northrop Grumman (NOC)– Source: TradingView

But thanks to a vicious bear market, the stock failed at its highs and is now rolling over.

Failed breakout trades can be lucrative short opportunities, and you might consider a short trade on NOC if it breaks last week’s low and trades below $464.

Foot Locker (Short Idea)

The significance of the 200-day moving average cannot be overstated.

Strong stocks hold above it and tend to find support at the 200-day. Once broken, this same level generally becomes resistance and holds price below it.

Daily Chart of Foot Locker (FL) – Source: TradingView

FL is pushing up against not only its 200-day moving average, but the 21-day and 50-day as well.

Together, these are likely to create a resistance zone in the $32-$34 area. This is a low-risk area from which one might consider entering a short trade.

Regeneron Pharmaceuticals (Long Idea)

If you are not comfortable shorting stocks and looking for names to buy, Regeneron is one of a small handful of bullish setups.

Daily Chart of Regeneron Pharmaceuticals (REGN) – Source: TradingView

The stock just completed a large cup with handle pattern.

The trigger to buy would be a move above $760 on above average volume.

Breakout trades are failing at a higher rate than normal given the downward pressure of the bear market, so be sure to use a tight stop if you take this trade.

Personally, I wouldn’t risk more than about 5%.

Ross Givens
Ross Givens

I bought my first stock when I was 12 years old. It was Microsoft. I’ve been a registered financial advisor. I’ve worked as a stock broker. I ran a managed fund. I was a Vice President at JP Morgan with Series 7, Series 66 and Series 3 securities licenses. I’ve been featured on Fox Business, CNBC, Bloomberg, and a bunch of other networks. The only thing I enjoy more than making money, is helping YOU make money.

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