Friday had plenty of big movers for us to pick from. That said, let’s look at a few top stock trades for next week.
Top Stock Trades for Monday No. 1: Apple (AAPL)
All things considered, Friday’s performance wasn’t that bad. From here, though, Apple rests at an interesting spot.
Shares sit on steep uptrend support (blue line) with the 10-day moving average not far below, at $283. A move below opens the stock up to a decline to the $270 level. There AAPL will find its 50-day moving average and 50% retracement.
It would be encouraging to see this level act as support. If it doesn’t, however, the 200-day moving average may be the next stop.
On the upside, Apple needs to take out the $300 to $305 zone.
Top Stock Trades for Monday No. 2: Exxon Mobil (XOM)
Exxon Mobil (NYSE:XOM) is also in retreat on Friday, but fell much harder than Apple — ending the day down more than 7% after a surprise Q1 loss. Like Apple, Exxon shares have an important level coming up.
Near $43, XOM stock has its 50-day moving average and uptrend support mark (blue line). If that level holds, Exxon may rebound higher and retest recent resistance near $47.50. Above resistance and the 50% retracement near $50.25 is possible.
On the downside, though, a drop to the 23.6% retracement at $39.61 may be on the table should support give way.
Keep in mind, oil may be a driving force of Exxon’s stock price.
Top Stock Trades for Monday No. 3: Tesla (TSLA)
In any regard, the stock is seeing a solid bounce off uptrend support (blue line), despite the heavy decline. If TSLA can hold $700, see if the stock can reclaim the 10-day moving average and push up to $800.
On the downside, a move back below $700 and uptrend support puts the 50% retracement in play. Below that and Tesla may visit its 50-day moving average at $632.
Top Stock Trades for Monday No. 4: American Airlines (AAL)
American Airlines (NASDAQ:AAL) took a dive on Friday, falling more than 11%. As a result, shares continue to look unhealthy.
Shares are putting in a series of lower highs, a bearish technical development highlighted on the chart with purple arrows. A move below $10 puts the April low of $9.09 in play.
On the upside, bulls need to see AAL end its streak of lower highs. To do so, it must get to $12.90 or higher. It would also be beneficial to see American Air close over its 50-day moving average. Right now, this chart is not enticing from the long side.
Top Trades for Tomorrow No. 5: Western Digital (WDC)
As is the theme today, Western Digital (NASDAQ:WDC) is also taking it on the chin — down more than 12%. However, it’s seeing a decent bounce off the lows, reclaiming the $40 level.
Above $37.50 and technically speaking, Western Digital is okay. That said, it has a lot of overhead resistance. That includes the 10-day, 20-day and 50-day moving averages, the 38.2% and 50% retracements and range resistance between $47 and $48.
If WDC can clear $50, it can fill the gap up to $52.50 and possibly run to the 200-day moving average. But man, the stock needs to do a lot in order to get there. Below $37.50 and it could fill a different gap down toward $33.80.