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Hello Traders,

Three straight days where QQQ’s finished at an all time high last week.. Impressive. And SPY closed at an all time high on Friday to cap off the week. It’s been pretty remarkable price action. We’re now in new all time high ground with clear skies ahead. I keep saying this, but it never seems to happen, but I’ll say it again, maybe some consolidation would be good to fuel prolonged upside momentum. Will we get it?…. I have no idea.

I will continue to participate in new trades, as long as the price action remains constructive, as it has!

TICKERS

TOST, GH, ALTC, AMZN, LOAR, NVDA, IBKR, BK, AL, TT, KWEB, BABA, KC, GPOR, IBIT, OLO, RDDT, NBIS, ALAB.

Let’s get into this weeks charts!

TOST - Toast Inc: Cup & handle formation in the works here. Price pulled back temporarily, right into the 50-day moving average, then bounced. I’m hoping that is the low. Some further consolidation is likely still needed, but keeping this one on watch for a breakout in the coming days/weeks.

GH - Guardant Health: This one started to push higher on Friday but quickly pulled back. It looks like it wants to continue higher. I’m looking for some follow through next week. If it starts to fail and fall back below the line, all bets are off.

ALTC - Atlanticus Holdings: Multi-year bottoming base pattern. Price broke out of this base in November of last year. Had a strong rally for several weeks, but is now in a multi-month consolidation/pull back. Price fully retested the breakout level (lower black line), which acted as support. This same level also lined up with the 50-week moving average, which price has continued to respect. I would like to see this continue to the upside, and have the 50-week moving average continue to act as a support level as this grinds higher.

AMZN - Amazon: Big bottoming base formation on Amazon. It rallied hard off the lows, followed by a consolidation for several weeks. On Friday it punched higher, and now looks like a continuation to the upside is at play. Next target would be the black line at the top of this base. From there we will likely need some kind of consolidation, and maybe this makes a breakout attempt at new all time highs.

LOAR - Loar Holdings: Potentially a cup and handle forming here. We are in the middle of the smaller consolidation (Handle), which the lows of this consolidation line up perfectly with the recently formed 200-day moving average. I would hope the 200-day is the low, and this one can start to grind back up to those former highs. It needs to start building higher from here. If this handle consolidation starts to fail, or become too long and drawn out, then I would stay away from it. Have to be careful with these premature price patterns.

NVDA - Nvidia Corp: New all time highs for Nvidia. Massive base breakout last week. My game plan is to stay involved as long as price can hold above the black line. Pretty straight forward.

IBKR - Interactive Brokers: Bottoming base formation in the works. Sharp rally off the lows, followed by a tight consolidation. Now we are seeing price push through this consolidation and continue to the upside. I’m hoping this can test those former highs as first price target.

BK - The Bank Of New York Mellon: Cup & handle formation here. Big base, followed by a tighter consolidation right under resistance. We had a bit of a breakout last week, but price didn’t get the follow through I had hoped. as of Friday, we are starting to see price reclaim the line, and potentially make a second breakout attempt.

AL - Air Lease Corp: Massive base formation, followed by a sharp rally, and now we are in a tight consolidation. This one looks primed for a continuation to the upside. Still need price to confirm this, but I’m keep a close eye on this, and will look to participate in the continuation to upside if we get it.

TT - Trane Technologies: Love this chart set up. Big base pattern, price managed to breakout above resistance, and is now in a consolidation just above resistance. This looks like it just needed some time to digest the recent price action as it rallied sharply off the lows. And now it looks like its setting up for the continuation to the upside.

KWEB - KraneShares CSI China Internet ETF: China names are back on the radar. Shared this chart a bunch of times in previous newsletters. We are still in this bottoming formation. There were a couple attempts at a breakout, all of which failed. We are now in a very tight consolidation just under that resistance line. I’m keeping a close eye on China, as they are starting to look like they want to move higher.

BABA - Alibaba: As part of the China theme, BABA has this massive base formation it’s developed, which price did breakout of earlier this year. But pulled all the way back under resistance and has chopped around ever since. This pulled back along with the entire market, but is beginning to look more constructive. I’m looking for price to make another attempt at breaking out of this pattern, which I think could signal a pretty large move to the upside.

KC - Kingsoft Cloud Holdings: Another China name here. Similar to BABA, where we got a massive breakout of a big bottoming base, and a pull-back all the way back to the breakout level. Keeping a close watch as this looks like it may want to breakout to the upside once again.

GPOR - Gulfport Energy Corp: I shared this one either last week or the week before prior to breaking out. We got a decent breakout followed by a smaller consolidation we are seeing right now just above resistance. I’ve overlaid the 9-EMA as a level to gauge momentum. If this starts to rise and continue to the upside, I would like to see the 9-EMA act as support as price rises. Either way, as long as price stays above the blue support line, I like the chart.

IBIT - Bitcoin ETF: Bitcoin is holding up nicely. Still in a bit of a consolidation phase right under resistance. It feels like higher prices are coming, and the pattern on the chart looks quite good. Regardless, we need price to confirm higher prices, so I’m watching for a breakout over the upper black line, to signal the next leg higher. It may need to consolidate further, but is worth keeping on close watch.

OLO - Olo Inc: Price broke out of this nice base pattern and rallied sharply. But for the past 1-2 months, its pulled back all the way into the breakout level which is acting as support. As long as that level holds as support I like this one. If we start to break below the line, all bets are off. Looking for price to start grinding higher from here.

RDDT - Reddit: Nice bottoming base pattern. We got a nice breakout of this bottoming base, and now we are tightly consolidating. It looks like this may want to continue to the upside in the coming days. I’ve overlaid the 9-EMA as I would like to see this level be respected as this starts to push to the upside.

NBIS - Nebius Group: Something of a cup & handle formation here. Big base, followed by a tighter smaller consolidation right around those prior highs. Again, I’ve overlaid the 9-EMA as a gauge for the trend. You can see price has been reacting positively around this level for weeks. I would like to see that level continue to act as support and guide price higher. On watch for a breakout next week.

ALAB - Astera Labs: Similar pattern on this chart that we’ve seen on several of the charts before this. We have clear bottom for the stock, price rallied off the lows, and is now in the this consolidation pattern sideways. I’m hoping we can start to see price push back through that blue resistance zone, and signal the next leg higher. This one has definitely been a bit choppy, but I’m still keeping it on my radar, as this could very easily start to work its way out of this consolidation and keep rallying.

All the best!

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