Here are the top 5 stocks we are watching for swing trades going into the week of 3/4/2024:

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This weeks names: $FSLR, $PLD, $IWM, $MO, $MNRA

1. $FSLR. First Solar.

I have been watching this name and $TAN for a bit now. I am actively looking for a long entry in $FSLR for the coming week(s). To start with $TAN (solar ETF), price is sitting at demand not seen since Feb 2020. Risk here is a weekly close below $40.15 for a potential upside to $74 (weekly poc, see chart). Current price is $44.18, can you ask for a better risk to reward? I’ll be adding some commons down here.

I could see $TAN consolidating a bit more before breaking out, $44.50 is a big level, and price has yet to close above. The weekly almost looks to be forming a bullish falling wedge. The top holdings of $TAN are $ENPH, $FSLR, $SEDG, $RUN, and $HASI. There is less confluence across the board for solar compared real estate. $FSLR an $ENPH look ready, but $SEDG and $RUN don’t, hence the potential short-term consolidation in $TAN. I’ll be mainly focusing on $FSLR. The quarterly chart is showing a large bottom wick. On the monthly, price fell nearly 15% on extremely low volume, a VPA anomaly.

The weekly is breaking the downtrend on high buying volume (good to see). Now for the smaller time frames. On the daily, I am looking for an entry in demand around $150-$152. Supply zone is near $160. If price breaks supply, I’ll be looking for an entry on the retest. I am weary of potential consolidation on $FSLR before fully breaking out, as the rest of the sector looks like it had a bit of catching up to do. Nevertheless, I’ll be looking for an entry in demand for the coming weeks.

2. $PLD. Prologis, Inc.

Original Analysis (2/5/2024):

Long. Stop loss: daily close below $126.53. Profit target #1: $146.81. Profit target #2: $157.28. Reasoning: Clear S/R flip of the ~$125 level here. Price failed to have a weekly close above the zone from Mar 23′ – Sep 23′. Price finally broke above the zone at the end of 23′. When looking at breakouts, I HAVE to see high volume breaking through the zone. Otherwise, a low volume break is always a good bet for a failed break. $PLD had massive volume pushing price past the zone it had failed for nearly half a year. Now price is back to the level. As with other trades, I need to see a confirmation of the resistance turned support. What makes it a 10/10 S/R flip is when the volume supporting the flip is increased compared to the pullback to the level. Here we see exactly that. The volume sequence was massive volume break of resistance, low volume pullback, high volume lower wick holding support on earnings, and now a high volume buying green candle. Market structure wise, price is still bearish on the weekly. Price needs to take out the recent lower low to confirm bullish structure, which I believe is likely based off the daily bullish structure. Also liking how price is bouncing off the volume profile of both the daily and weekly charts. Risking $3 of underlying for potential $11-$21 reward.

Updated Analysis (2/12/2024):

Awesome week for $PLD. Last week my stop was a daily close below $126.53. On Monday, price wicked through my stop but did not close below the level. The weekly needed to close above $130.60 to form a bullish structure, which it did. New stop is $129.09 which is the recent higher low. However, I would not like to see price close below $130.50 (area of previous resistance that price has now broken). The ideal long entry here would be $130.50.

Updated Analysis (2/19/2024):

Very interesting week. Stop coming into this week was a daily close below $129.09. The current stop is a daily close below the recent higher low at $130.50. The weekly is showing a long lower wick on increased volume. CPI dump on Tuesday was bought up on very high volume. Price has now compressed for 9 weeks now! I am looking for price expansion heading into next week. I am positioned for May here, and I am really liking the weekly look.

Updated Analysis (2/26/2024):

Stop is still a close below $130.50. I thought last week would be the beginning of the breakout here. But the rest of the real estate sector and $PLD wasn’t ready. I reduced some risk Friday by closing some small profits, but I am happy to welcome a short-term drop in price. $130.50 is the big level here. Large accumulation on both the daily and weekly VP. Up until the close on Friday, $PLD looked to be forming an ascending triangle and setting up for the breakout. Price broke above the triangle, double topped, and quickly looked like a failed breakout rising wedge. This is a FANTASTIC example of a fake breakout on the hourly. Nevertheless, I am looking for price to fall to demand around $130.50 and form bullish structure on the 4HR and 1HR to re-add risk on $PLD.

Updated Analysis 3/4/2024:

The rest of the real estate sector now looks ready. I am extemely bullish on $PLD in both the short and long term. Check the charts of $EQIX, $CCI, $AMT.

3. $IWM, Russell 2000

Original Analysis: (2/12/2024):

Long. Stop loss: $193.25. Proit target: $220. Weekly looks awesome here. I loved $IWM a few weeks ago, but structure was yet to put in a higher low confirming bullish structure. We saw price fill the gap and it looks like price is ready to test $220. Bullish market structure on the weekly now as price created a higher low. Volume profile showing a large volume gap in the $200-$220 zone. Stop is a close below the recent higher low at $193.25. Ideal long entry would be a retest of $199.50 if price breaks it on Monday. Otherwise, any entry between $193.25-$199.50 would be great imo.

Updated Analysis (2/19/2024):

Stop is moving from $193.25 to $194.61. I love how the weekly is looking here, high volume buying, and finding support off of the volume profile node. Looks primed for a move to $220’s. If we see $198-$199.50 again, I will likely be adding to my position. The zone I am looking to add is in the 3rd picture.

Updated Analysis (2/26/2024):

Stop is moving from $194.61 to $197.54. On the weekly, price held the 9 EMA and once again bounced off the VP volume node. On the daily, market structure is bullish and sitting right in between supply and demand. $200-$201 is still acting as supply on the hourly. I would look for a break of that supply zone and retest for a new long entry, with a stop right below the zone. If we are lucky enough, price could double bottom on the daily around $196-$197 which would also be a fantastic entry. $203.58 is the big last resistance on both the daily and weekly, a close above and I think $IWM finally makes its trip to $220’s.

Updated Analysis 3/4/2024:

Still in this one, and loving how it looks. The weekly looks to have confirmed the breakout and I am looking to the low $220’s for a profit target. I’ll be looking to add to my long position on any retest of old supply turned new demand.

4. $MO, Altria Group

Original Analysis: 3/4/2024

Looking for a break to the upside here. Price is compressing over previous resistance and sitting right at the 50, 20, and 9 EMA. Zooming out to the weekly, price has been compressing for some time now. I could see some short-term consolidation, but will have this on my radar for the break to the upside this week.

5. $MRNA, Moderna

Original Analysis: 3/4/2024

Pretty similar to $MO. Looking for a flag break. $100 is a massive level. It would be a good idea to take profit around there if this does break to the upside.