The market staged a slight rally on Thursday, as investors continue to hope for a bottom. That said, here’s a look at a few top stock trades for Friday.
Top Stock Trades for Tomorrow No. 1: Advanced Micro Devices (AMD)
Not many stocks are looking good right now, at least on the long side. However, Advanced Micro Devices (NASDAQ:AMD) is the exception.
Shares are putting together a beautiful falling wedge (blue lines), as the 200-day moving average miraculously continues to hold. A move over resistance, which is near $41.80 (the November high), could trigger a move back up to the 100-day moving average near $44.50.
If the market gains even a little bullish momentum, AMD could fly up to the 50-day moving average. On the downside, though, look for a break of the 200-day moving average and this week’s low.
Below, and AMD can continue lower.
Top Stock Trades for Tomorrow No. 2: Uber (UBER)
Uber (NYSE:UBER) stock is exploding higher Thursday, ending the day up nearly 40%. This is a travel stock, though, a group that is under considerable pressure given the current world events.
I want to see Uber reclaim the $20 mark. If it can hold this level, let’s see if we can get a rebound back up to $26. This was prior support before shares began their fateful crash down to $14.
If Uber can’t hold $20, however, a retest of $16 may be in store.
Top Stock Trades for Tomorrow No. 3: Micron (MU)
When Micron (NASDAQ:MU) stock was hammered in the fourth quarter of 2018, the 200-week moving average stepped in as big-time support. That mark was lost earlier this week, as shares tumbled below $32.
However, shares are trying to reclaim this mark now. It will be important to see if this mark acts as resistance or if Micron is able to reclaim it by the end of the week.
On the plus side, it sets up a solid yet simple trading situation. Below the 200-week moving average, and a retest of the recent low is possible. Below $30, and the 2018 low at $28.39 is possible. Meanwhile, above the 200-week moving average puts the 50-week and 100-week moving averages near $45 on the table.
Top Stock Trades for Tomorrow No. 4: Coca-Cola (KO)
Man, what happened to this blue-chip stock? Coca-Cola (NYSE:KO) has been hammered as of late, falling from almost $60 per share down to $41. That’s a near-33% beating in just a few weeks!
While roughly in line with the overall market, investors expect a company like Coca-Cola to perform better in times of trouble. Now, shares are below all three major moving averages on the weekly chart.
Unfortunately, the stock hasn’t show much life, either. On a rebound, let’s see how KO handles the 200-week moving average. If reclaimed, $47 to $48 could be on the table. If it acts as resistance, a retest of the recent low is possible.
On the downside, though, $39 is possible should the recent low get taken out.