Weekly Options Watchlist – 2021-02-07

By | February 7, 2021

Options Watchlist – 2021-02-07

Weekly Watchlist:  $NNOX, $WWR, $CRSR, $PLTR, $IR, $CVS, $MRO, $CYH, $NI, $HRL, $EHTH, $WMT

The following is my watchlist for the beginning of this week.  It includes my entry and exit targets and some other information.  I am not a licensed professional trader.  Every trader is responsible for their own decisions for their own portfolios.  Please trade to your own plans and risk tolerance.  

The order of listings is not indicative of my degree of confidence in each.  Please perform your own analysis and review and decide which, if any, are best for you.

NNOX

A little over a week ago, $NNOX received some downgrades due to the FDA asking for further information on one of its products.  But given the chart, it looked as if it needed to pull back for some consolidation anyway, and this seems to have served to bring it back to the consolidation point a little sooner.

The daily chart is showing good support along the 100.0% extension from a previous high.  And, it has also held good support at the 21D EMA.  

My target entry for this is around 65.60.  From a target standpoint, can get back to the 161.8% extension (around 95.50).   As the candle wick was a little short in the last attempt, I’ll be a little conservative with my target should I get an entry, putting it around 86, which was around the top of the two candles on either side of the high.

WWR

I’ve looked at $WWR before but didn’t get an entry for the last play.  It looks to be starting to make progress to get back to its October high, and as a result, we may have some good opportunities along the way.

The daily chart is showing that the 50.0% extension was both good resistance for a couple of weeks and was good support on Friday.  To me, the 21D EMA is key for its consolidation for another move up.  It is still lagging a bit behind and down around 6.80.

I’ll be looking at this for an entry maybe later this week.  My targeted entry will be as the 21D EMA catches up to the 50.0% fib around 7.99.   After that, my target will be about 11.75, with a stall target of 9.55.  A fall back below 6.40 will be a signal to get out.

CRSR

I had a nice win on this in January.  And, like many things, they seem to come back on the radar.  This should be able to run back up to its November highs, but I look for just a touch more consolidation here.

$CRSR jumped up a little through a bunch of resistant last Thursday.  I’m looking for it to come back down, even briefly, below that resistance, and hopefully now support, to get in.   It has jumped out ahead of its 8D EMA and I want to see this at least in the range of the lower wick as a sign it is ready to move again.   The 21D EMA would also be good to be in that range for better support for a bigger popl.

At present, the best entry point would be back down to its previous support (around 37.50).   However, a more likely entry target would be around 40.  But, from a timing perspective, if the 21D EMA can meet the lower candle around 42, that should be a trigger for the next pop  From there, a target of 51.25 is doable.

PLTR

Every time that I’ve looked at $PLTR, it has never looked to be at a right point to jump in that minimizes my risk and maximizes short term gain.  But, looking at the current chart, it looks to be about right.

After spiking a couple of weeks ago, it has fallen down around the previous high around 33.50 and playing around that line.  The 21D EMA is also close to the lower wicks, which will provide for both additional support and some bounce.

I’m looking for an entry around 30.85 as the 21D EMA and that fib meet up.   For this play, I would target 41.12 (161.8% retracement).

Earnings Plays

The following tickers have earnings the week of February 15th that look as if they are possible plays.

IR

$IR reports earnings after market on Monday, Feb 15th.  

Two gaps have been filled on the daily chart.  The gap up in early November was filled by the recent gap down.  And that gap down has now been filled over the last couple of trading days.  Prior to the recent run up and pull back, the 78.6% was good support for months.

I am looking for an entry around the bottom of the wicks for 3 of the last 4 trading days as an entry (around 42.75), and a target around the upper end of that channel as a target (45.56).

CVS

$CVS reports after market on that Tuesday.  

For this, the fib around 71 has been good support for the pull back that seems to have stopped for consolidation to make a run at challenging the previous high.  Additionally, the 55D EMA served as a good springboard for the previous run.  

As the 55EMA is closing in on the fib at 71, I am targeting an entry of 71 for this.  My primary exit would target 77.25, with a stall target at the earlier fib at 75.  

MRO

Oil stocks are coming back into play, and $MRO has earnings on that Wednesday.

This is one that I’d be looking at later in the week, as I would want it to come back down toward support before going back up.  The 100.0% extension just under 7.50 is the target.  As the 33D EMA is now at that level, it should provide for a good springboard.

Entry target is 7.50, with an exit around 8.50.

EHTH

$EHTH recently received some downgrades that caused it to gap down.  It is expected to report earnings that Thursday.

After the drop, it stabilized around the round value of 50.00 and has been moving back up over the last few days.  I am looking for this to at least get back to its previous support levels (23.6% extension). 

I would look for a little brief pullback to 55 before jumping forward again.  From there a target of 73.80 would be my primary target, with 68.70 being the stall (and most likely) target.

Other Earnings Plays

CYH

$CYH reports after market that Wednesday.  The price action is consolidating around at fib close to 9.40.  I would be looking to try to grab this for a lower wick reaching down to the support fib below that around 9.  From there at target of 11.45 could be possible, with a stall target of 10.50.

NI

I recently played $NI for a 30% win.  A pre-earnings play for this could also be in the works.  $NI reports earnings before market opens that Wednesday.

As this is going around the 23.6 fib on my chart, I am looking at an entry around the lower parts of the candles that reach down there.   So, with said, an entry around 21.70 would suit me.  On the upper side, a target of 25 would be the primary target, with 23.72 as the next lower fib for a stall target.

HRL

$HRL reports before market that Thursday.  

It has been having some large price swings over the last couple of weeks.  As such, this could present both entry and exit points within the same day.   I am looking for an entry around the 50.0% extension around 47.25, with an exit around the 100.0% of 50.80.  A stall target would be around 49.30.

WMT

Walmart reports before market that Thursday.

I’m looking at entry for a brief dip below previous support at 142 with a primary target around 149.25 (around the recent high), with a stall target around 147.