Louis Navellier is rating this stock an “A” – Get In Now!

On May 24, the man who found “the stock of the century” will reveal one of his top stocks for 2022 – for FREE – in a special presentation.

Tue, May 24 at 4:00PM ET

5 Top Stock Trades for Wednesday: BA, ACB, PINS

top stock trades - 5 Top Stock Trades for Wednesday: BA, ACB, PINS

The stock market was relatively calm on Tuesday as investors await a rate decision from the Federal Reserve on Wednesday. There were still some big movers on the day though, so let’s look at a few top stock trades.

Top Stock Trades for Tomorrow #1: Boeing

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

As investors grow optimistic about getting the MAX 737 back in action, Boeing (NYSE:BA) stock is coiling and looking to move higher.

Shares have been consolidating between $375 and $385. In order to trigger a move higher, BA stock needs to clear $385. Just overhead — near $387 — is the 38.2% retracement. If Boeing can clear both marks, a rally into the $390s is possible. Above the March high and BA may even fill the gap back up over $410.

If shares resolve lower, see that recent uptrend support (blue line) buoys the name.

Top Stock Trades for Tomorrow #2: Aurora Cannabis

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

I hate to say it, but investors should have seen the decline coming in Aurora Cannabis (NYSE:ACB) stock. InvestorPlace readers have been leery of ACB for months now, and our recent call that shares may fall again only reiterated that cautious stance.

Now breaking below the August lows, let’s see if ACB draws in buyers near $5. We can’t trust the name on the long side while it’s below $5.40 — at least in the short term. Even if it does reclaim this mark, it’s only good for a short-term bounce.

Below $5 and the December lows are possible, but let’s take it one step at a time and see if it hits $5 to begin with.

Top Stock Trades for Tomorrow #3: Pinterest

top stock trades for PINS
Source: Chart courtesy of StockCharts.com
Pinterest (NYSE:PINS) wants to begin rallying again, but it faces a tough road with high-growth tech stocks under pressure recently. On the charts, there’s a lot of overhead, too.

$30 is a significant mark, while the 50-day moving average is up at $30.57 and the declining 20-day moving average is at $31.05. $32 has also proven significant. Not to pummel you with numbers, but making matters even more complicated, the 50% retracement is at $29.94 and the 38.2% is at $31.57.

So let’s simplify it.

PINS has a lot of marks between $30 and $32. Above $32 and it has mostly blue skies. Below $30 and it has the 100-day moving average at $29 and uptrend support at $28.

Even simpler? Above $32 is bullish, below $28 is bearish.

Top Stock Trades for Tomorrow #4: Corning

top stock trades for GLW
Source: Chart courtesy of StockCharts.com
Corning (NYSE:GLW) is getting hit hard on Tuesday, down more than 7%. On the weekly chart above, we can see shares being rejected by the 100-week moving average.

It puts a key support zone on watch just below current levels. The ~$27 mark has been notable over the last three years, while the 200-week moving average stepped up as big-time support last month. That’s currently at $26.50.

Below that mark and GLW is in trouble. If we get a dip down into the $27 area, aggressive investors have a better risk/reward there than here, but GLW isn’t my cup of tea.

Top Stock Trades for Tomorrow #5: Acadia Pharmaceuticals

top stock trades for ACAD
Source: Chart courtesy of StockCharts.com
Acadia Pharmaceuticals (NASDAQ:ACAD) has been a beast lately, gapping from $23.77 to almost $39 in a single move.

ACAD stock consolidated that move beautifully in a narrowing range, before resolving higher on Monday. It tried to breakout over $44 again on Tuesday — which has been multi-day resistance — but was rejected.

Over $44 puts the $44.85 highs on the table and over that, ACAD can regain upside momentum. A break below $40 signals that Acadia needs more time to consolidate.

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

Article printed from InvestorPlace Media, https://investorplace.com/2019/09/5-top-stock-trades-for-wednesday-ba-acb-pins/.

©2022 InvestorPlace Media, LLC