On April 5, This ‘X’ Pattern Changes Everything

It appeared before Ambrx Biopharma climbed 175%... before AMC soared over 1,000%... Now, it’s appearing in multiple stocks on a regular basis. Luke Lango believes he’s cracked the code. On April 5, he’s going to reveal everything – including a free X-pattern pick.

Wed, April 5 at 4:00PM ET

5 Top Stock Trades for Friday: GOGO, BABA, TGT

top stock trades - 5 Top Stock Trades for Friday: GOGO, BABA, TGT

The SPDR S&P 500 ETF (NYSEARCA:SPY) hit a new 52-week high in Thursday’s session, but did not do so with overwhelming confidence. We’ll have to see how the action shakes out over the next few days and weeks, after the Fed cut rates on Wednesday. Here are our top stock trades.

Top Stock Trades for Tomorrow #1: Gogo

top stock trades for GOGO
Source: Chart courtesy of StockCharts.com

Did this trade in Gogo (NYSE:GOGO) pay off or what? We highlighted it in early September as a top stock trade and these Twitter traders crushed it too.

Shares are finally taking a breather. I want to see if the $6 level will now act as support. There it will find prior resistance and the 50-week moving average. If it does and GOGO takes out this week’s high, a run to $8+ is on the table.

Below $6 and Gogo will need some time to reset.

Top Stock Trades for Tomorrow #2: Alibaba

top stock trades for BABA
Source: Chart courtesy of StockCharts.com

This was another one we highlighted earlier this month, as Alibaba (NYSE:BABA) approached $179 to $180 resistance.

With uptrend support creating a series of higher lows, this ascending triangle was prepped for a breakout. On Thursday we got that breakout, but BABA stock failed to hold much of its gains on the day.

Investors now need to see if $179 to $180 will act as support. If it does, they need to see BABA then take out Thursday’s highs. If it fails as support, it very well could be a failed breakout, in which case the 20-day moving average and uptrend support become the must-hold levels.

Top Stock Trades for Tomorrow #3: Target

top stock trades for TGT
Source: Chart courtesy of StockCharts.com
Target (NYSE:TGT) stock continues to show impressive relative strength since reporting blowout earnings in mid-August, which is why I’m looking for it to be a market leader going forward.

Shares are being buoyed by the 20-day moving average and are putting in a series of higher lows. I’m looking for a breakout over $110 now. Over $110.94 — the prior highs — and TGT can really gain some momentum.

Top Stock Trades for Tomorrow #4: U.S. Steel

top stock trades for X
Source: Chart courtesy of StockCharts.com
U.S. Steel (NYSE:X) is keeping up the ugliness, falling more than 10% on the day.

The silver lining is that shares are rallying off the lows. But with so many bearish trends, it’s hard to get excited about this one. If X breaks its lows from last month, a plunge into no man’s land could be next.

This name doesn’t excite me until it’s over $13.50.

Top Stock Trades for Tomorrow #5: Monster Beverage

top stock trades for MNST
Source: Chart courtesy of StockCharts.com

We were looking for this one to “go” earlier this month, but each time Monster Beverage (NASDAQ:MNST) has fizzled out on its breakout attempt.

The plus side is that it continues to put in higher lows, as uptrend support squeezes it higher. Let’s see if shares can take out last week’s highs near $59.56. If it can, the 50-day moving average and $60.50 are the next upside targets.

On the downside, see that MNST doesn’t fall below $57.

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

Article printed from InvestorPlace Media, https://investorplace.com/2019/09/5-top-stock-trades-for-friday-gogo-baba-tgt/.

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