5 Must-See Stock Trades for Monday

Here are the top stock trades we’re watching for Monday morning

By Bret Kenwell, InvestorPlace Contributor

top stock trades for Monday

Investors are doing their best to get positioned ahead of this weekend’s G-20 Summit. While not typically the most important trading event in the world, this year’s meeting comes with U.S. and Chinese trade tensions relatively high, with hopes that a deal can be worked out. Although cautiously optimistic, we are seeing some downright big moves in today’s must-see stock charts.

Workday (WDAY)

Must see stock trades for WDAY
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Shares of Workday (NASDAQ:WDAY) are ripping 13% to new all-time highs following its better-than-expected earnings results. Shares are now up more than 30% from where they were trading just a few sessions ago.

Investors who aren’t long by now might just want to chalk this one up as a missed opportunity.

Go ahead and throw WDAY on your watch list for a future opportunity. The reason being, I like to see names that make explosive moves like this and then settle into more tradable ranges down the road.

That said, if we start to get a pullback or consolidation in WDAY soon, look to see how the $157.50 level treats it. If it acts as support, aggressive traders can dip their toe in. Otherwise, consider this stock next stock instead …

Splunk (SPLK)

Must see stock trades for SPLK
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Splunk (NASDAQ:SPLK) is also up big after beating on earnings, jumping more than 10%. However, shares have a much more attractive setup here, as the risk is more well-defined.

I like SPLK here so long as shares are over the 100-day and 200-day moving averages, or ~$106.

Truly, as long as SPLK is over the 50-day and downtrend resistance (blue line), the stock is fine, but I don’t want to take on that much risk. A close below the 100-day and 200-day moving averages and investors may want to reassess the setup. Otherwise, $120+ doesn’t seem out of the picture.

VF Corp (VFC)

Must see stock trades for VFC stock
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Another name up on the day — although to a much smaller degree — is VF Corp (NYSE:VFC). Shares are rallying 2.1% and a breakout could be looming. That’s particularly true if retail stocks get some love going into the holidays.

We see uptrend support giving VFC a lift, while downtrend resistance (blue line) is keeping shares under pressure. A close over downtrend resistance technically makes VFC a good bet on the long side, but the 200-day moving average could present an issue.

The MACD is also turning bullish (blue circle), which bodes well for longs.

While I don’t love all the moving average hurdles above, going long VFC over downtrend support is attractive if only because we can use a defined risk by stopping out of the position on a close below uptrend support.

Intel (INTC)

Must see stock trades for INTC
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The bullish trade in Advanced Micro Devices (NASDAQ:AMD) is still valid, but one has to be impressed with how well Intel (NASDAQ:INTC) has been holding up. Particularly with how poorly Nvidia (NASDAQ:NVDA) has been doing this month.

I love that Intel was able to clear downtrend resistance and is now consolidating in this $46.50 to $49 range. It makes me feel like once over resistance, this name can run into the low-$50s. The other nice part? A close below $46 and investors can stop out.

Wait for Intel to show a little bit more momentum or consider buying on a pullback into range support.

Weibo (WB)

Must see stock trades for WB
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Weibo (NASDAQ:WB) reported earnings earlier this week and has been slow to get moving, but boy does this chart look attractive.

With a rounded base of support in the mid- to upper-$50s, along with WB clearing the 50-day and downtrend resistance, investors have a very attractive risk/reward here. Below $60 and we can stop out. On the upside, look for a rally up to the 100-day moving average as target No. 1.

From there, we can reassess.

Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell. As of this writing, Bret Kenwell is long NVDA.

Article printed from InvestorPlace Media, https://investorplace.com/2018/11/5-must-see-stock-trades-wday-splk-vfc-wb-intc/.

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