Hey there, fabulous finance fans, it's Meta Matt here again! It's that time of the month again when our stock guru, Jay, unleashes his wisdom upon us in the form of the Second Week of August Thesis. Make sure to check out his Analysis last week!!! So let's break it down!!!
QQQ - The ETF Enigma
Chart: Weekly Timeframe
Main Objective: Ride The Uptrend
Hold on tight, because Jay's got his eyes on $QQQ, the ETF that's as trendy as a tech startup in Silicon Valley. It's like the heartthrob of the stock world, swooping up tech, EV, and everything in between when it comes to trends all in one go. Jay's mantra for QQQ? Ride that like you're on a never-ending escalator. IF it hits his entry requirements.
Jay's secret sauce for entry? The median of the weekly Bollinger Bands. It's like the magic line that holds everything together during a bull run - the stock market's very own superhero cape. And guess what? There's a party of confluences happening there, including a BEARISH RSI divergence that's been brewing for two whole months.
So Jay is Bullish Long Term, BUT there's nothing wrong with making some money on a small move down during an overall uptrend, and that's exactly what Jay plans to do!!
Entry: $376.62
Target: $346.30
Stop Loss: $386.62
(this is a bearish trade idea, overall Jay is bullish on this. Ideally we are playing a small move down to a support (bearish trade).)
We can enter a bullish trade at a $346.30 Entry. Now remember, we are bullish overall, but are just trying to get a better entry than the current price, while making some money shorting on the pullback.
But don't fret, the levels are here to save the day: from the all-time high at 408.71 to swing highs from 2022 and even a 2022 low. Jay's bullish until three consecutive candle closes on the weekly timeframe below the median line (middle line of the Bollinger Bands). And in the meantime, the all-time high is like a magnetic force field keeping QQQ in check.
MU - The Marvelous MU
$MU, the stock that's been soaring higher than a superhero taking flight. We talked about this one last week during Jay's Stock Market Breakdown. Jay's got his eye on MU, and he's not just going for a casual stroll. He's all about the bullish ride, aiming for the stars with entry points and targets that sound more exciting than a rollercoaster ride.
Jay's on a mission to fill that fair value gap on the weekly timeframe, like a detective hunting for clues. And with targets named after rocket launches, you know it's going to be an adventure.
Jay is searching for the entry at the low end of the weekly fair value gap.
Entry: $66.20
Stop Loss: $63.34
Target 1: $74.77
Target 2: $78.96
BTBT - The Crypto Explorer
$BTBT, the crypto cowboy of the bunch (this is a Crypto Related STOCK), is going through some moves that would make a line dancer jealous. After a red weekly candle that looked more "ouch" than "awesome," Jay's got his crystal ball out. He's predicting a move back down, just like QQQ's rollercoaster action (a move down to the middle line of the Bollinger Band).
But here's where it gets interesting. Jay's found the holy grail of support - the median line of the weekly Bollinger Bands. It's like the bat signal for big bull runs, and Jay's all about that long entry action. It's like waiting for your favorite movie sequel to drop - you know it's going to be epic.
We had a red weekly candle last week (-11.11%), however that middle line of the Weekly Bollinger Bands is a level of support and a prime entry point for bull runs like $BTBT is showing. This would imply a move down to $2.85.
Entry: $2.86 (break below it to get rid of Stop Losses from longs. Entry upon first 4 hour Chart Close back above $2.85)
Stop Loss: Under $2.50
Targets: $3.50, $4.80 (current yearly high)
NIO - The Electric Adventure
$NIO, the electric vehicle champion, has Jay's attention like a blockbuster movie premiere. After hitting the 14-dollar target like a bullseye, Jay's now setting his sights on a different kind of game. It's like he's switched to expert mode, working with macro ranges and resistance blocks that sound more like strategic battle plans.
The Macro-Range high is $22.75 (premium in terms of smart money concepts aka main resistance block) with a Macro-Range low at $8.38 (discount in terms of smart money aka main support block). The mid range of this macro range is the $15.56 level, which was hit and confirmed last week.
If we get 3 consecutive weekly closes above $15.56, we have a target of $22.74. If we get some pullback we are looking for an entry at $12 with a Stop Loss at $10.22. Target 1 would be $15.54 and Target 2 $19.15.
Now Let's Make Some Bread!!
So, there you have it, folks! Jay's Second Week of August analysis is as exciting as a blockbuster movie with all the twists and turns of a suspense novel. Get ready to ride the waves, make strategic moves, and hopefully, watch your investments soar higher than a superhero in flight. Until next time, keep investing, keep smiling, and keep Making Some Bread (as I always say)!! Stay tuned for more thrilling insights and epic trade ideas.
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