5 Top Stock Trades for Thursday: AMD, DAL, C, BB

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

Top stock trades for Thursday

Federal Reserve Chair Jerome Powell talked about an accommodative stance, which to investors’ ears sounds a lot like “rate cut.” That got equities moving higher in morning trade, where the S&P 500 cracked 3,000 for the first time. However, bulls were not able to maintain their sugar high into the afternoon, with stocks giving up some of those gains. Let’s take a look at a few top stock trades.

Top Stock Trades for Tomorrow #1: Advanced Micro Devices

top stock trades for AMD
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The burst higher in Advanced Micro Devices (NASDAQ:AMD) should be no surprise to InvestorPlace readers, as we lined this one up a few days ago as a solid trade. And for investors, they were able to turn a quick 12% on AMD in less than a month.

Now what?

Shares don’t look to be tiring much, but they are running into resistance in this $33 to $34 area. If it can push through, rallying up to $35+ for instance, then I would look to see if this prior resistance zone can begin acting as support. If that plays out, it bodes well for higher prices.

Below $33 and bulls may have to wait for a retest of the 20-day moving average and/or uptrend support.

Top Stock Trades for Tomorrow #2: Citigroup

top stock trades for C
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For the last 18 months, the $71.50 to $72 area has been acting as resistance for Citigroup (NYSE:C). That’s been the ceiling this whole month, even after Citigroup raised its buyback and dividend.

Bulls are hoping shares can breakout and push through this mark. If it does, a run to channel resistance (blue line) near $74 is on the table. That will also put C stock near its 52-week highs around $73.73.

Should shares pullback, see if C stock finds support at its 20-day moving average. Below and its 50-day moving average comes into play.

Top Stock Trades for Tomorrow #3: BlackBerry

top stock trades for BB
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The action in BlackBerry (NYSE:BB) has been pretty ugly. At the end of June, shares raced up to $9, but were swiftly batted lower by the 50-week and 200-week moving averages.

We flagged that as a major warning sign and with BB stock now flirting with last month’s lows, $6.50 range support looks to be a possibility. See if the stock hold this $7.10-ish area. Below and it’s a no-touch until support comes into play.

Top Stock Trades for Tomorrow #4: WD-40

top stock trades for WDFC
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Shares of WD-40 Company (NYSE:WDFC) jumped higher on better-than-expected earnings results, up more than 10% at one point.

The stock backed off the $180 level, which isn’t too surprising considering how much resistance seems to be sitting between $180 and $182.50. On the plus side, WDFC is now above all three major moving averages and is responding well to its earnings report.

I would be more inclined to sell the rally into $182.50 if it gets there this week. Otherwise, let’s see where this stock bases from here. A breakout over $183 could trigger a move to the highs near $186.18.

Top Stock Trades for Tomorrow #5: Delta Air Lines

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Delta Air Lines (NYSE:DAL) is set to report earnings on Thursday morning, and optimism is high heading into the report. Management recently gave a positive update, and American Airlines (NYSE:AAL) issued positive data on Wednesday.

This $58 to $59 area has been resistance for Delta, so it would be extremely encouraging to see it hold as support going forward. Of course, earnings will play a large role in the upcoming action.

The options market is pricing in a ~3.5% move by Friday’s close, so it will be interesting to see if it can hold this mark. If it doesn’t, let’s see if either the 10-week or the 50-week moving average can support it.

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/top-stock-trades-for-thursday-amd-dal-c-bb-wdfc/.

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