It was another mixed trading session, with U.S. stocks falling in the final hours of trading. How much will the Fed cut rates? What will so-and-so report on earnings? Investors have a lot of questions, but on the plus side, the markets are still holding up pretty well. Let’s look at a few top stock trades going into next week.
Top Stock Trades for Tomorrow #1: Boeing
Shares of Boeing (NYSE:BA) bounced more than 4% on Friday as the company announced a $4.9 billion charge related to the 737 MAX. With earnings next week, that announcement is somewhat surprising to me.
However, the stock held and is bouncing off the key $360 to $362 area now. $380 has been a trouble spot for BA, but should it continue higher into earnings, the setup will get interesting.
If the stock climbs to the $396 to $400 level ahead of earnings, investors may consider taking profits ahead of the report. A move over $400 puts the ~$413 gap on the table.
On a pullback, see that $356 to $360 holds as support. Below puts $337 to $340 on the table.
Top Stock Trades for Tomorrow #2: Chewy
Chewy (NYSE:CHWY) stock looked like it was going to rally on Friday morning. The company reported strong revenue growth, but couldn’t hold onto its gains.
With shares falling — down over 4.5% on the day — the stock lost its 8-day and 20-day moving averages. It briefly broke below its post-IPO lows, although $31 is buoying the name for now.
On the upside, see if CHWY can breakout over downtrend resistance (blue line). On the downside, see if $30.78 to $31 holds as support. If it doesn’t hold, Chewy is a no-touch for now.
Top Stock Trades for Tomorrow #3: Skechers
From here, I would love to see SKX hold above the $38 level. If it can, it puts the $41.50 to $42 level on the table, an area that stymied SKX’s run for months in early 2018.
If $38 gives way, we’ll need to see if $35 holds as support.
Top Stock Trades for Tomorrow #4: AMC
Shares of AMC Entertainment (NYSE:AMC) are jumping more than 8% on better-than-expected earnings. While the gains are nice, the stock was swiftly knocked lower after testing $11. This coincides with a test of the 50-day moving average and 10-week moving average.
It would be disappointing to see AMC give up all of its post-earnings gains, but it will still look okay if it holds above $10. Over $11 and it could regain some upside momentum. If it can, keep in mind the 200-day is up at $13.86, while the 61.8% retracement is at $13.59.
Top Stock Trades for Tomorrow #5: Crowdstrike
What a beauty of chart Crowdstrike (NASDAQ:CRWD) has. Shares are up 13% on the day after strong earnings results, and the stock is ripping to new highs as a result.
The stock was forming a tightening wedge and is now breaking out higher. Look to see that CRWD holds up over $80. If it does, investors can stay long. Below and it will need to be re-evaluated.