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4 Top Stock Trades for Tuesday: AMZN, ROKU, YETI, ZM

top stock trades - 4 Top Stock Trades for Tuesday: AMZN, ROKU, YETI, ZM

After a tough Friday, U.S. equities rebounded on Monday. That said, let’s look at a few top stock trades for Tuesday.

Top Stock Trades for Tomorrow No. 1: Amazon (AMZN)

Amazon (NASDAQ:AMZN) posted solid gains on Friday in the face of a market-wide correction. The move came on earnings, but has yet to approach the after-hours gains north of $2,100. For now, AMZN has a high of roughly $2,055, as it flirts with a big-time breakout.

Included here is a weekly chart of Amazon, as shares hover near the $2,025 area, a zone of long-time resistance. If AMZN can rally over $2,055 and above $2,100, it may do more than take out its after-hours high of $2,133. It may embark on a breakout over the ensuing months and quarters.

If it can’t breakout, look to see if it can maintain above $2,000. Below puts a pullback in the cards, possibly down to the 50-week moving average and uptrend support (blue line). That is, if the 10-week moving average doesn’t support the stock on its pullback.

Top Stock Trades for Tomorrow No. 2: Roku (ROKU)

On Friday, Roku (NASDAQ:ROKU) slipped on reports that its dispute with Fox (NASDAQ:FOXA, NASDAQ:FOX) may be an issue ahead of the Super Bowl. Ultimately, the issue was resolved and Roku rallied almost 7% on Monday as a result.

Still, Roku has not been rallying like most of its growth-stock peers over the past few months. Once $127.50 broke on Friday, readers should have been on watch for a drop down to the $120 area, which is exactly what they got on Friday.

Below $120, and $105 to $100 may be on the table. However, as long as it holds, Roku may be okay. Over $130 puts it over downtrend resistance (purple line) and the 20-day moving average, and puts the declining 50-day moving average on the table.

Top Stock Trades for Tomorrow No. 3: Yeti (YETI)

Bulls have to be impressed with the way Yeti (NYSE:YETI) stock continues to hold up. Over the past few sessions, volatility has been climbing and equities have been under pressure — but not Yeti.

Shares continue to hold up well around that breakout mark between $36 and $37. On a close below $36, short-term bulls may consider stopping out and looking for a pullback into support. That comes into play near uptrend support (blue line) and the 200-day moving average, provided the 50-day moving average doesn’t hold up.

However, over $36 and bulls may very well keep with the long trade. Over $37.61 — the recent high — and Yeti shares can break out, with $40 in sight.

Top Stock Trades for Tomorrow No. 4: Zoom Video (ZM)

Did you miss Zoom Video (NASDAQ:ZM)? This stock has been on fire, rallying 14% at one point on Monday.

The stock broke out over downtrend resistance (purple line) to start the year, but gave investors an opportunity last week when it pulled back into uptrend support (blue line).

With shares erupting higher, let’s see if prior support at $90 acts as resistance or if it’s reclaimed and acts as support. On a pullback, see if the just-established 200-day moving average near $80 acts as support. Below puts the 50-day moving average and uptrend support back on the table.

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

Article printed from InvestorPlace Media, https://investorplace.com/2020/02/4-top-stock-trades-for-tuesday-amzn-roku-yeti-zm/.

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