Semiconductors Ripping: NVDA, AMD & AVGO Trade Setups for the Week

Each afternoon, real setups are broken down with entry strategies and the technical reasoning behind every trade. This is today's best trade setups with Verified Investing. Welcome to today's best trade setups. My name is Benjamin Poole, head trader here at Verified Investing. The semiconductors are ripping again today with Nvidia blowing through a gap fill. I'm targeting a $210 pierce with a net ad level at a double top at 212. Let me go ahead and show you the charts real quick. Here it is. Nvidia is pushing up. Look at all of this price consolidation under this $203 level. I had mentioned that that was my first level of resistance. However, look at how many times it got underneath that resistance. It did get a nice pullback yesterday. However, this was bullish consolidation. And now what's happening is we actually just cleared this $206.88 level as I'm doing this video. So, a pierce of $210 is right before this pivot top here. Basically right inside of the what looks like a topping tail, but it's not because it's not at the high point. But a good reversal candle nonetheless. So, a pierce of 210 bucks. It looks like a great entry price with a pierce of $212 as an ad level on the chart of Nvidia. If it does break above that on a 15-minute closing basis and closes, what I would do is actually stop out of the trade. But ultimately, Nvidia looks really nice as far as a short play goes. Spiders heading up a little bit. We're actually lower than yesterday's highs. So, this is putting in some nice bullish consolidation right at the top end of this basically flag pole. So, we could be seeing another surge to the upside in the next couple days. $718.56. It really depends on when it hits there. So for me, right now, let me go ahead and go and remove that back. $718.56 is where I'd like to for the SPY to get to to open up opportunities to short kind of the markets. So that's what I expect for the S&P 500. And this trend line goes back I mean, like way back. We got to zoom way out in the charts. Pivot top right here from the highs of 2022. Kissed it at this level right here. But look at all this price consolidation. This shows me that there's a lot of resistance on this up sloping trend line, which is one of the reasons that I like the $718.56 level, knowing that I could always add slightly above it. Those of you who are a little bit more conservative, wait for the pierce of 720 bucks. Let's jump into the US oil chart. I did mention that I was interested in $134.40 not in the last video, but several videos ago. And look at what happened. It did pierce that level quite substantially. Got almost up to this gap fill at $137.99 and then pulled back. Liz actually went live in the live day trading room and took this trade. It was a beautiful setup. She got into that trade just above that gap fill, dollar cost averaged in, pulled back and got over $2,000. So if you guys want some additional information on how to do that, please join us there. All right, let's go ahead and jump back into the charts. Oracle is getting a nice move to the downside. I have a long level at $169.81. This is a gap in the charts with additional support on Oracle at $163.02. So this is the low pivot point or $163 whole round number. This would be your initial entry price. And if you're more conservative, if it does close below that, kind of like what Nvidia did where it just flushed through that gap, then you could look to stop out and re-enter it at this gap in the charts. This is not a long level for me for a swing trade. These are day trade levels. So, for me for more of a swing trade, if Oracle starts coming back down, 155.76 is that first level that I would start inching back into a swing trade on ORCL. All right, let's go ahead and jump into AMD. What a move today. Finally pierced the $350 level. Look at that great move to the upside. For me, I still like this $350 level if it can be there by 2 to 3:00. And this is something I wouldn't mind holding overnight. Look at this overextended move from these lows right here. AMD added 81% of the market cap on AMD. This is going to be an an astounding pullback. I see AMD at least coming back into retest this up trendline that it hasn't hit, which is likely to be back to about $285 on AMD. So, if you're getting into this for more of a swing trade, you want to start with a small percent of your portfolio. If it goes does go up to 375, you could add to the position. For me, $400 that whole round number is where that's going to be for me the max upside before a really substantial pullback on the chart of AMD. But, this is a great opportunity to start inching into a swing trade and waiting for that pretty substantial pullback. You're due for a 15 to 20% pullback from these levels. Doesn't guarantee it because we're making all-time highs. However, with this overextended move, there should be a 15 to 20% pullback on these charts or on the chart of AMD. Let's go ahead and jump into the chart. In the live day trading room, somebody was asking about LLY. If LLY, Eli Lilly, decides to fall a little bit, we got this wide range red bar candle opening price right here at $858.13 for a day trade. If it can drop into that level, now that it's already gotten below this gap in the charts, this is where I'd get into a day trade. What I'm monitoring, though, is we're in a nice downtrend on Eli Lilly. Pivot top here, secondary hit, third hit, fourth hit. Look at how many times this resistance level is being capped or has capped the price. If you get into some support, if it gets to $858 and then consolidates sideways, puts in what looks like a bear flag, but then breaks this downsloping trend line, you can have a really big move to the upside. The more often times resistance levels continually get hit, they start to weaken that resistance and allows the buyers to really accelerate to the upside. If we break this pivot low here at four uh or the pivot high at 858.13, then the bulls are no longer um the bears are still in control and that can drive price even lower. After this uh 858.13 level, I would be looking for a move down to this low pivot at about um basically what it would be is a pierce of 800 bucks for an additional possible entry price in the chart of Eli Lilly. We got to respect the downtrend, this downsloping trend line until it gets broken, and then once that happens, it could open uh Eli Lilly to continue higher. All right, we went over Nvidia already. Uh we're getting a pullback, so maybe that's off the table. Got close to $210. That's okay, that would still be on the table knowing that I've got this pivot top. AVGO put in a topping tail yesterday. What I'd like to see about AVGO is although it's a small topping tail, we just barely pierced the double top. What happens here is uh the bulls like to push things through double tops, get everybody else on board, puts in this nice reversal candle, and this could be the start of a bigger sell-off. Also, from this $291.26 level, again, a 47% move to the upside. Now, look at this. It's almost another or it's it Excuse me. Uh there we go. It almost got to two trill- trillion dollars. That is a huge market cap to add on AVGO. Has anything really changed with the company? Not really from this move to the downside. So, what I anticipate is if we can recapture this previous gap in the charts at 406.37, then it's going to come down to 387.20, and then once we can break that, we could head all the way down to as low as about 380 bucks. And from this gap in the charts or this uh uh excuse me, the topping tail. That'd be about a 10% move. And for a swing trader, that 10% is actually pretty good. We have to monitor to see what price action does, but also, check this out. Look at this up-sloping trend line. This has basically been the move that AVGO has stayed above. Turn on the relative strength index. Look at this. You're just so overextended from the lows right here from 33 all the way up to 78 with volatility. That is going to be a sign of a reversal. Now, now that we're above $420, if you're not interested in entering a short now, even with this topping tail, your entry price would be 450 bucks if it gets up there. Now, if this up-sloping trend line does break to the downside, then you're going to see a pretty substantial rollover in AVGO. Charter was a stock that was getting hammered today. Huge beatdown on this. It did already fill this gap right here, and then flushed it after it got a decent bounce. So, for me, what I'm looking at is $180.02 for a long play on Charter if we can get down there. Kind of like what we did with um Lululemon yesterday. On a 15-minute closing basis, if it does close below that, I would actually stop out of this trade. Look at what happens. Look at below. Uh you don't have a ton of support until you get down to about $152 after that. Here's this low pivot where you could get some support, but for me, I like this top pivot point, low pivot, and all this price consolidation on the chart of Charter. So, 150.07-ish area all the way down to about 131.70. That is my range on Charter if we do break below $180. Texas Instruments had this huge move to the upside. What I was hoping for. So, I like to see it when when stocks just get pinned up in the markets where you just have this slow float with 1 to 2% pullbacks. I love those as um as far as potential end-of-day entry prices for a pullback tomorrow. It did actually get a decent pullback. And so, like I was mentioning, if there was no volatility and it stays up to about uh 285 bucks, then you can expect about a 3 to 4% pullback. It actually did that towards the end of the day. And so, that an analysis or that thesis was off the table. We are actually getting a decent pullback today, but now that we're above $275, actually hit 285, now my next level is $300. So, here's that chart of uh Texas Instruments. Again, let's go to the 10-minute time frame so I can see I can show you what happened. So, it got up to 283, never got to 285. And then all of a sudden, you had a decent pullback. It was about a 3% pullback. And I was expecting a little bit more. But what I wanted to see is this continual float up all the way into 285. And if it did that, then today would have been a massive fall. And then look at this from 286. There was about a near 3 to 4% pullback. Again, this was not an opportunity for us, but kind of look at charts when you see something that is just continually pinned to the upper end of the chart, then um especially when it's at all-time highs, then it's due for a pullback. So, it's just a technical pullback. All right, Dell. Uh also, yeah, $300 on Texas Instruments if it does go up there. D E L L is a got back to the $210.28 level. If we get up to 230 bucks, that is an add level on the chart of Dell. We could be looking for a hit of that level, pullback to the midline, and then eventually it's going to hit the lower end of this parallel channel. And so, really you got to monitor where this hits because that is your exit price. If it hit in a couple days, it'd be $197.25. If it hits in a couple weeks, then it's around $204.47. Same with on the upside. If it hits on the 28th of April, then here's your entry price. If it hits a little bit later, if it hits on the 5th of May, then you're looking at $232.16. So, it really depends on when price action hits there for us to add to that position or if you're already in it, that's what you would be looking for. STX had this nice pullback off the $600 level. It was above 600 bucks. I was actually thinking it could go up as high as 625. So, that was my level. It's still my level today. If we go up a little bit higher, that's where I do anticipate the max potential upside for STX. It is a Friday though, so you can get a Friday float. Kind of like I was mentioning yesterday, if you just get these slow grinds in these markets with low volume, then you got to reassess your position. Doesn't necessarily mean you're always going to continually dollar cost average into the position. It could mean that you're wait for an extended move, maybe wait for the relative strength index to peak out at like 80 or 90, and that's where you can add to your position if you do decide to get in a little bit early. But a decent pullback. All right, last but not least, GEV did have this sharp pullback. My entry price was 1175. I actually entered this trade, took $1,000. I mentioned that if it did get up there by 3:00, I would take it, and I did. 1175 dollars is where I entered the trade. I actually did keep this a little bit longer in my own portfolio. I exited about 1130 bucks. For me, $1,200, that whole round number, is where I would like to enter the trade on GEV again. This does have this up sloping trend line that we're still monitoring. Price action does need to get back below this in order for us to have a continued fall or another fall to the downside. And then I would target this $1,076. And again, it really depends on when it hits there, so it could be as low as $1,100. We would have to monitor position again or price action. If it consolidates on this up sloping trend line, then we're likely to break it and come back all the way in sub $1,000 on the chart of GEV. So, thank you so much for joining me. Um, these On Friday, be more conservative. Don't be as aggressive when you're shorting something. If you're going long something, still same thing. If we have low volume, and we float one direction, that is likely the continuation of that move because we don't have any capitulation. And so, Fridays are kind of we end the trading floor towards the end of the day. You think about like institutions, they're ready for the weekend. They're not looking to enter trades in the afternoon session that they could potentially be stuck in. So, they kind of take a step back, don't make any more trades, and that's why you just can have those momentum plays to the downside or the upside and for that matter. So, again, that's what I have for you guys. Thank you so much for watching me. Please make sure you're liking, you're following, subscribing, ringing that bell so you can get notified every day the market is open. And Gareth Soloway on Verified Investing Extras, go ahead and scan that QR code if you could. He went live in Market Mavericks. An incredible episode, lots of hate on that episode, lots of love in that episode in the chat. You guys go check it out. It It's a thing of beauty. There are a lot of people who are saying that this could be the blow-off top that we would be we Excuse me, that we have been waiting for. It's not just Verified Investing, it's other people who see signals in the stock market that could signal a top. So, go check it out. You guys don't want to miss that. We'll see you guys next time in the charts. You guys have a great rest of your day. Take care. Yeah.