Hello, good afternoon everyone and
welcome to my ProCharts video. My name
is Jake Sweeney, pro trader here at
Verified Investing. And today we're
going to be covering some stocks and
we got some AVGO, we'll be covering that
first, selling off today under pressure
as Marvel has a powerhouse new deal with
Google and AVGO shares left wondering
are they going to have any more bite
left with that play as well. So, selling
off on that news. We're going to check
out some key levels. Also going to be
covering CrowdStrike, Walmart, and some
potential breakout plays on Walmart and
SoFi and we'll finish off with Lockheed
Martin, the defensive aerospace beast.
Let's get in the charts, guys. I hope
you guys are having a great day so far.
Thanks for joining me today. All right.
We're going to AVGO right now. So, I
just want to start with the trend.
As we're as we printed this all-time
high at 495
and we show we sold off sharply
after that earnings print and started
making lower highs. 1 2 3 4 5.
And then we shot up back to this level,
but we were shut down harshly.
And with that
we are now below making continuously
lower highs. So, now today we broke
lower at this high.
So, right here calling a bull trap. Got
trapped like they were going to revisit
to the highs and now trending lower.
We do have earnings coming up in 2
weeks, so monitor that implied
volatility as it's going to start
increasing in the options market. So,
if we're seeing further downside for
AVGO and as this we see here on the
relative strength index, we do have room
to run down to even test the 30.
So, I'm not going to chase here. I'm
going to wait for it to come to my
level, and I got some key levels of
support here.
One being right now I right now today
price is catching some support at these
high pivots. I'm looking at more of a
swing trade setup.
So, should AVGO come down to this pivot
top here at 317.35,
there's this pivot top here.
Um this would offer support. Right here
it was resistance to these candles, and
they finally gapped up and pushed above
it after repeatedly testing it. So, now
since this test, the polarity has
flipped and is now support to the
downside.
So, that's at 317.35,
this top here. And then
from the high 495 to the low of this
sharp move,
it's we have a Fibonacci 0.5 retrace at
316.55.
So, this is another key level of
resistance just a dollar away from our
pivot top.
Lastly, there is this large gap in the
charts from this red candle from April
6th, a gap fill at 314.43.
So,
these tight three levels close-knit is
if price continues to fall sharply, so
we like sharp moves into our level.
When you have sharp falls into your
support levels, those usually mean
probabilities show sharp bounces to the
upside. And if you get kind of a slow
grind down, slow grind down to my level,
it can consolidate, continue lower. So,
we like those sharp moves. So, see if we
can get it.
So, that is the levels that I'm looking
for for AVGO, more of a swing style
play, but these are my levels should it
continue to flush.
All right.
Looking at CrowdStrike next. So, I have
this parallel channel
on CrowdStrike from this high green
pivot here from June 1st, a second hit.
This one pierced through
4 5 6. Now, it's test beating on this
upwards parallel channel.
As we were doing that though,
price got rejected and now we're coming
back down. So, where are we going to
find some support? Well, today intraday,
we could see here price bounced already
about a couple few dollars, three bucks
from this pivot top here is where
um
price has It didn't even kiss yet, but
buyers stepped in before then for this
to get tested.
So, look here for this level to get
tested on and
for a bounce to the upside
near term for CrowdStrike. But, if it
continues to fall, there's this large
gap here in the charts at 190.86.
And then this other pivot top at 182.87
has flip flip polarity quite some time.
So, these key key levels here and then
with this one, too, should price
fall through these two support levels,
look to the upper band of the support
channel
right here kind of as we have confluence
of this horizontal pivot plus the
upwards
um the lower boundary of this up sloping
trend line. This only does have two
hits, so not a true hit, and I tried to
bring this channel in a little bit and
just doesn't really work the best, so uh
this to be determined for
this trend line to become valid on a
third hit to the downside.
And for resistance,
you're going to have to
get past this pivot at 21750
and then look for the upper band of the
trend line to break. Now we're at 1 2
3 4 5 6 hits.
After, you know, 6 to 7 hits, these
trend lines will tend to break and can
continue continuation
for CrowdStrike to the upside. So watch
these two trend lines
for to get tested.
All right. We're looking at Walmart
next.
Walmart has been
recently making some nice higher lows
riding this up-sloping trend line, but
then getting capped by this down-sloping
trend line. So right here we have this
high pivot from May 21st 1 2
3 4th hit, and today we pierced through
it, but now we're coming back in sharply
currently at 11560.
So look for
And I did notice the sharp move up, but
it's kind of has an up-sloping
trend line for
a bull flag, and mostly for our our bull
flags, we like to have a nice sharp
move, as we see here,
but then we want to have a kind of flat
to down-sloping bear flag.
Uh uh it's up-sloping.
Anyways,
this as it is continuously beating on
this trend line, it can and should break
to the upside soon. As well as they are
printing earnings tomorrow as well. So
this pierce on this trend line, look for
and expect a ton of volume influx
tomorrow for Walmart. I'm looking at
some place to fade this move as a
contrarian trader.
So right away, I see this low this swing
low pivot from this above structure at
11802.
As you see here from these pivots as
well,
when in mid-July as price moved up, it
hit this level but was shut down. Same
with these price pivots as well.
So, this 11802
will be a first key level for Walmart to
get past. And then on top of that,
there's this large unfilled gap in the
charts here at 119.
So, should we get a break for a trend
line to the upside,
watch these two key resistance levels
for
um a potential fade. Maybe if you like
to day trade, could get a quick uh scalp
here at this pivot low.
Um [snorts] also, watch this trend line
as well to even the downside cuz now on
this new term trend line, we have 1 2 3
4 5 and now a sixth hit today. So, this
trend line could break as well to the
downside. So, a can a converging trend
line area where not they're now both
getting contested should break either
way soon.
All right. Now, this one though, this is
a a bull flag that I do like. So, now we
have that sharp move up. This is SoFi SO
F I and a down sloping flag pattern.
And probably we show here as we're also
hitting on this trend line now with a a
fourth hit here, now fifth and sixth, we
could not get up there today. So, we
lacked a little momentum to get up to
test this trend line today at 1895.
Um but this trend line has been getting
tested more frequently.
Near term for SoFi, look at the support
at 1758,
1758 for downside near term support, but
I'm bullish on SoFi and I'm expecting
I'm looking for an area to fade this
move.
So, when we take a bull flag,
we'll take
Whoops.
So, these these bull flags on the time
frame, the daily two, they can be
powerful. So, expect it to play out in
days.
That's kind of how the and it's a
bullish pattern. And with that, we can
kind of guesstimate where it's going to
bring price. And that could bring a
measured move
up to 2075
um for SoFi. And that was just the short
arm. Should it continue higher,
especially on more volume,
I like this
gap fill here on this green bar candle
from February 10th at 2118.
This area here stacked with a Fibonacci
382 at 2170
around the I would start a position here
around the $21 range to shut down this
move. Just
Position light uh
position lighter, however, because
always with earnings plays,
um they can jump. Or excuse me,
not earnings on SoFi. Disregard that. Uh
the trend line, excuse me.
>> [snorts]
>> Last one we're going to be watching
today, guys, is Arke. So, a few of these
plays that look like they're about to
break out. And now let's check out
Lockheed Martin. So, this one now has
four hits, five, six, seven hits
for a trend line hit. And
at this point, it's going to break soon.
But, we were not able to get it above
there we were not able to get as high as
there yesterday and we're now losing
steam.
So, one key thing I want to show you
guys here is that right here, our RSI is
at
um
our
our RSI is at about 70 right now.
And then we're pushing higher
right here.
And our RSI is now dipping to 69.
Now we're pushing higher right here on
price action, but momentum is fading.
This is called RSI divergence when price
starts to go up, but the momentum index
says otherwise the momentum is exhausted
and turning down to the downside. This
is a bearish signal for Lockheed Martin.
And especially because we weren't able
to test this trend line again, I'm
looking for where this is going to come
in into support.
So right here there's this pivot top
here at
uh 578.04
and we see here price got a bounce from
this level just last Friday. So look for
this level near term for support for
Lockheed Martin. I'm curious to see if
it can if this defensive beast can get
another push in the market. This trend
line, you know, probably show and favor
this trend line could break soon to the
upside.
Just to give you guys finish off with
two resistance levels here. There's this
smaller gap in the charts here at
623.87.
We did get a candle wick into there
about 80 cents lower, but we didn't
really truly test it yet. So still
unfilled gap here. This should act as a
magnet for price action. But then here
this large gap here in the charts at
637.92.
These key levels here could shut down
Lockheed Martin.
All right.
All right, guys. Thank you guys for
joining my video today. Uh I hope you
guys got some good alpha and some
potential levels for some soon-to-be
breakouts. And also a key educational on
RSI divergence. Thank you guys so much
for taking the time to watch my video
today. And I hope you guys have a great
rest of your day. Take care. All right.