Josh Scan 1/16/24

Bitcoin/ Crypto:

MARA – ideal scenario get a wash on the 50day 16.50-17 for a bounce play for a reversion trade, traded at 29 on Thursday so would be a good 40% move down from recent highs for a bounce play, the faster the move the better

COIN- will be looking vs 125 for a bounce

RIOT- weakest one of the bunch and has been the entire btc move up, will be looking vs 11 but would rather trade the two above

Semiconductors:

NVDA- the clear leadership and has been for some time above 553-54 can see higher wouldn’t be surprised though if we test the 10 day ema  at 520.97, have to be open to multiple scenarios

SMCI- like the wicks forming and going to monitor any breakout trend join for higher 358 to clear for next level, 10ema at 321

AMD- monitoring 151 for another move higher, if we stay heavy and lose 140s will be monitoring there as well , earnings January 30th here, will tell more of the story

Retail Trade/Internet Retail

MELI- this is one of the best looking charts out there, continues to make 52 wk highs and orderly pullbacks along the way, stock has been nothing but an earnings powerhouse for the past few years will be looking 1630s-1640s this week for a buy point

CELH- want to see 62’s reclaim for another push higher ,trading above all moving avgs and lots of interest here, earnings are not until March so maybe an anticipation run up into the number from those expecting blowout sales, they are continuing to dominate the beverage market

Big Cap Tech

– PYPL – i would really like to see a build here above 63-64 in the near term for the next leg higher, this stock has struggled in the past year so I don’t expect anything to change until it does, but if the value guys jump on board I would be interested

TSLA- this is bearish price action to me, cracking the 200day while the market continues to move higher, next spot I have is 210 area, will not be surprised to see this crack 200 in the next couple of weeks, I am keeping in mind that tomorrow is the 5th consecutive day down so there can be a little reversion. Moreso looking for this week a retest near the 200day at 231 and another fail or in generally shorting a lower high, I don’t want to be chasing down here but i like shorting moves up for the week

Uranium- the king commodity

Names of Interest:

CCJ- in 2007, this hit nearly 56 and now we are getting close , ideally a couple days of sideways action for an entry long, but im not chasing , another thing to note is the highly volatile nature of commodities, when/if this does top out and turn they drop very fast , so be aware, saw Uranium trending on twitter this week/weekend with Uranium prices hitting record highs/ and 16 year highs

UEC – prob the top trading vehicle in the space long/ short, avg volume 8.65m and traded nearly triple that on Friday on the breakout, still like the trend join long but when its time can be a great short as well, key point here is to pay attention to what is really moving on volume and where the asymmetric r/r is going to present itself

UUUU – weaker of the uranium names

UROY – lower volume play will be looking vs 2.80 this week longside if Uranium continues