Home » Watchlist Week of October 17th, 2022

Watchlist Week of October 17th, 2022

Published October 17, 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%.

Stocks within Article - FL, NOC, REGN

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