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5 Top Stock Trades for Thursday: NVDA, MTCH, NVTA

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

top stock trades - 5 Top Stock Trades for Thursday: NVDA, MTCH, NVTA

After dropping notably in the morning, stocks reversed and closed higher on the day. It leaves investors wondering what’s next for the market. In the meantime, here are a few top stock trades. 

Top Stock Trades for Tomorrow #1: Nvidia

top stock trades for NVDA
Click to Enlarge
Source: Chart courtesy of StockCharts.com

Nvidia (NASDAQ:NVDA) stock held the $172.50 level for four consecutive sessions. It was an impressive couple of days as bulls refused to break. On Wednesday, shares caught a boost after Goldman Sachs analysts took their price target from $179 to $192. 

As shares reclaim the 20-day moving average, traders are shifting their outlook higher in the short term. Look to see if the stock can get back to $185, recent resistance earlier this month. Above it puts the high at $188.40 on the table, which comes into play near the 61.8% retracement. 

On the downside, watch $172.50. Below could send shares to the 50-day and possibly the 200-day moving average. 

Top Stock Trades for Tomorrow #2: Match Group

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

Match Group (NASDAQ:MTCH) took a hit on Wednesday, as cracks start to show up on the chart. 

For now, shares are holding onto the 61.8% retracement. Below it will put Wednesday’s lows on the table. The $65 level has been decent support, while the 200-day moving average is near $64 and the 50% retracement is near $63.

On a rebound, see if MTCH stock can get back to $80. 

Top Stock Trades for Tomorrow #3: Invitae

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

I love Invitae (NASDAQ:NVTA) for the long term, but it would be foolish to ignore the charts. 

Invitae is taking out this month’s low and falling below the 200-day moving average.

Should shares continue lower, look for the 50% retracement just below $19. If it fails as support, look for a potential test of the May lows, with support in the low-$17s. At that point though, bulls may as well just ask for a January gap-fill and test of the 38.2% near $16.50. 

On the upside, NVTA needs too reclaim the 200-day moving average, as well as the $22 level, which is acting as short-term resistance. 

Top Stock Trades for Tomorrow #4: Cintas

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

Cintas (NASDAQ:CTAS) has seen a widening range (blue lines) since popping higher in July. On Wednesday, shares jumped on better-than-expected earnings results. 

Thanks to its rally, CTAS is reclaiming the 50-day moving average and is approaching resistance at $270. Over $270 puts the 52-week high of $270.36 on the table, as well as a possible run to $276, which is recent trend resistance. 

Top Stock Trades for Tomorrow #5: ServiceNow

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

ServiceNow (NASDAQ:NOW) has been frustrating investors lately, but pleasing traders as it bounces between $250 range support and $270 range resistance. 

The setup is simple: traders can go long near $250 support and sell near $270 resistance. 

If shares break down below support, see if the 200-day supports it, along with the 61.8% retracement near $243.75. Over $270 — which is also roughly the 78.6% retracement — and a move toward $290 may be under way. 

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


Article printed from InvestorPlace Media, https://investorplace.com/2019/09/5-top-stock-trades-for-thursday-nvda-mtch-nvta/.

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