The markets silently marched higher on Wednesday, with the S&P 500 holding its own above the vital 3,000 mark. As we get into the thick of earnings this week, we’ve got movers in both directions. Let’s take a closer look at some top stock trades.
Top Stock Trades for Tomorrow #1: Boeing
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Boeing (NYSE:BA) investors are doing pretty good absorbing the fact that the company logged a multi-billion hit in the most recent quarter, given that shares are down about 3% on Wednesday.
Near $362.50 and investors have a decent risk/reward setup. $360 has been a vital post-737 MAX level, while the 20-day, 50-day and 200-day moving averages are all nearby. Further, short-term uptrend support is just below.
Should BA stock fall below $357, longs can bail, as $340 or lower may be on the table. If the $357 to $360 area holds as support, BA could climb to $380. Above that and $396 is possible.
Top Stock Trades for Tomorrow #2: Visa
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Visa (NYSE:V) stock is holding up after earnings and investors shouldn’t be too surprised by the steady nature of this stock. A move over $182 could trigger a breakout, pushing Visa to $185 and possibly higher.
So long as it’s holding its 20-day and 50-day moving averages though, it’s hard to get bearish on this one.
Top Stock Trades for Tomorrow #3: Citigroup
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Earlier in the month InvestorPlace readers were able to nail the breakout in Bank of America (NYSE:BAC) and on Tuesday, I tweeted a nearly identical setup in Citigroup (NYSE:C).
With Citi breaking through resistance on Wednesday, we now need to see $72 hold as support. If it fails, see that uptrend support and the 20-day buoy the name.
Top Stock Trades for Tomorrow #4: Ford
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The setups today are relatively simple, which is good for investors. Ford (NYSE:F) also has the same bullish setup as Citigroup and Visa, which are ascending triangles.
For Ford, a close over $10.40 could trigger more upside. On the downside, a close below the 50-day would be discouraging and likely ruin the bullish setup.
**Remember, Ford reports after the close on Wednesday.
Top Stock Trades for Tomorrow #5: Twilio
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Twilio (NYSE:TWLO) stock has a similar pattern to those above. Seeing so many of the same thing can be concerning, but until they break down, all we can do is follow the price.
This one continues to hold its 20-day and uptrend support, while $150 is resistance. For nimble traders, a move up to $150 is possible from here. A breakout over $150 to $151 is what we’re watching for though.
Top Stock Trades for Tomorrow #6: Snap
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Snap (NYSE:SNAP) stock is surging on the day, up more than 17% on earnings. Wowza! This name is flying, and with a close over $17, it’s back over its IPO price.
Not only that, but it’s over the full-range 50% retracement at $17.13 and over 2019 channel resistance. It sets up a powerful breakout possibility, with the next intermediate term target up near $20. The 38.2% retracement comes into play at $20.04, with the 2018 high up around $21.20.
If Snap stock can’t hold the IPO price, see that it holds the 10-week moving average on the downside.
Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell. As of this writing, Bret Kenwell is long C and V.
