5 Top Stock Trades for Monday: BA, CHWY, SKX

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

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

top stock trades for BA
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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

top stock trades for CHWY
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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

top stock trades for SKX
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Shares of Skechers (NASDAQ:SKX) are exploding higher on the day, jumping 12% on better-than-expected earnings.

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

top stock trades for AMC
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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

top stock trades for CRWD
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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.

Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell. As of this writing, Bret Kenwell did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2019/07/5-top-stock-trades-for-monday-ba-chwy-skx/.

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