Here’s your weekly Investing Action Plan: what you need to know as an investor for the coming week.
[ibd-display-video id=2998091 width=50 float=left autostart=true] Chip giant and Apple ( AAPL ) supplier Broadcom ( AVGO ) will be the highlight of this week of earnings news, while RH ( RH ) Lululemon ( LULU ), Ollie’s Bargain Outlet ( OLLI ) and Dollar General (DG) will also report as investors are feeling less gloomy about brick-and-mortar retailers this holiday season. The week’s big economic news will be the November jobs report, which comes amid signs pointing to an economy at or near full employment.
Stocks To Watch
Amid heightened market uncertainty, your stocks to watch are five high-profile names seeking support at a key level: Facebook (FB), Google parent Alphabet (GOOGL), Nvidia (NVDA), Mastercard (MA) and Paycom Software (PAYC).
Facebook has given back all of its gains from its 175.59 breakout. The 50-day moving average is tracking right around that entry point, which is where Facebook lost support Friday. The 50-day line is a key level of support or resistance for stocks, and in some cases, a stock’s action at the 50-day could be a chance to buy additional shares.
Alphabet held above the 50-day line, but has notched four straight losses. Alphabet is at the lower end of the 5% buy range from a 1,008.10 entry point.
Nvidia’s chart action shows the importance of following proper profit-taking signals. After breaking out of a flat base with a 174.66 entry in September, shares became extended about 25% from that level some eight weeks later, which would have been a reasonable time to take some profits. Now, Nvidia has given back a considerable amount of those gains as it dips below the 50-day.
Mastercard has been on a significant run since its July breakout, with shares climbing more than 20% from that level to hit a new all-time high on Nov. 28. Shares tested support at the 50-day, and if Mastercard is able to rebound higher off that level, it could be considered an add-on buying opportunity.
And Paycom Software dropped well below its 50-day line in intraday trade Friday, but the stock pared its losses and closed above that level. The stock saw a similar drop on Nov. 1 in reaction to earnings, but was able to find support as it continued to climb…