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Hello Traders,

Not a bad week overall. Definitely a little weakness mid-week, however, if felt very controlled and normal and honestly felt a bit necessary. The S&P500 and Nasdaq are both bouncing off their 21 EMA’s on last weeks minor pullback, as they have all year on any pullbacks. I remain bullish and will continue to participate until the markets says otherwise. As of right now, it feels like business as usual.

TICKERS

OLN, NAIL, XIFR, ALB, BULL, BMNR, URI, SMR, NVDA, META, VRSN, AMD

Let’s get into this weeks charts!

OLN - Olin Corporation: Bottoming base formation. Price broke out of this base several weeks back, rallied nicely, but has now pulled all the way back to the breakout level which is currently acting as support. Game plan is pretty simple, I want to see that blue line hold as support, or at the very least, the rising 50-day. If we lose those levels I will lose interest.

NAIL - Homebuilder & Supplies 3X ETF: We had a really nice rally in the homebuilders leading into the first rate cuts. We have now undergone a healthy and normal pullback and several of the individual charts look to be firming up. This triple leveraged ETF has my attention, as its pulled all the way back to the initial breakout level in this bottoming base. Definitely a more volatile name, but since many of these individual names are firming up, I think there could be a great risk/reward trade here. I want to see that black support level hold, which also lines up with the AVWAP off the June lows. I would prefer if we held above the 50-day, however, we can very quickly reclaim this level. We will see what next week gives us.

XIFR - XPLR Infrastructure: Nice bottoming base formation in the works. Price has more or less been trading sideways right along this resistance zone for weeks. Its moved above and below the line a few times, but price action has remained pretty tight. I want that 50-day MA, and that AVWAP from the June lows to hold going forward. We got a decent test of those levels last week, and a bounce into Friday which looks promising. Plus theres a bit of an uptick in volume paired with it. If those levels continue to hold as support as the currently are, then this could setup a great trade opportunity out of this bottoming base formation.

ALB - Albemarle: Another really nice bottoming base formation. This name has been beaten down for a long time, but its now beginning to firm up and push out of this bottoming formation which could be setting up a sustained move to the upside. I would say Friday was the confirmed breakout over that black resistance line to close the week. I want to use the 21 EMA to guide price higher from here.

BULL - Webull: Really clean breakout of a falling wedge formation on this name. Price pushed higher on Friday, but made a quick retrace intraday to test the 50-day MA and then pressed higher into the close. Pretty solid and constructive price action. This name can be quite volatile, so it can be a bit challenging to hold at times. But as of right now, it looks to be in the beginning stages of a new leg higher.

BMNR - BitMine Immersion: Symmetrical triangle formation developing. Price is currently sitting right at the bottom of this pattern, bouncing off that lower support line. This is another very volatile name, but given where it sits right now, it provides a very low risk entry. If we start to break below that lower blue line, I would be getting defensive. But as long as we are above it, I like it.

URI - United Rentals: Big base breakout, followed by a rally, and now a smaller consolidation above the breakout level. This is classic price action. The 50-day MA is starting to catch up to price as price constructively consolidates. I would like to see that provide some additional support to price and help lift it from here. This looks like a candidate for a continuation to the upside. If we started to break below the rising 50-day and that blue support zone, I would become defensive.

SMR - NuScale Power: After a big breakout the previous Friday, this one has more or less gave all that back during last weeks action. However, it looks as though price is really just pulling back into that slanted resistance zone that it broke out of the prior week. I see this kind of action all the time. Obviously last weeks action looks weak, but I have a feeling this may firm up next week. I will need to see price provide some confirmation, but will be watching closely on Monday.

NVDA - Nvidia: Forming a nice base consolidation after a massive rally off the April lows. Price is pulling right into the rising 50-day MA, which looks to be currently acting as some support. The real confirmation will be a confirmed breakout above the upper blue line, however, I want to be paying attention to it’s price action within this base, as we could be getting an early entry opportunity here. If we start breaking back down below the 50-day I will get a little more cautious. But as of right now, this looks like a classic continuation setup developing.

META - Meta Platforms: This one has certainly struggled after the initial gap up over resistance. But, we are still technically sitting just above that black support line. This is the do or die level for me. If we hold here, this is a great entry point. If we crack below, all bets are off. Next week should be interesting.

VRSN - VeriSign: Weekly chart here. Big base breakout, followed by another mini base consolidation pattern above support. This looks to be setting up a continuation to the upside. Whenever you have these massive bases, and clean base consolidations form following the breakout, its very often just getting prepared for the next leg higher. This is very constructive action. And we saw this made one attempt to breakout once, but quickly failed. We’re now looking like a second attempt is close.

AMD - Advanced Micro Devices: This chart really has my attention. Big cup and handle formation in the works. We still need some price confirmation, so its just on watch for now. I would like to see it get over that 50-day MA to start. But I will be stalking this one until it shows me what I want to see or simply fails to provide any confirmation.

Have a great week. Thank you for tuning in as always!

Together We Trade