Despite a bevy of headwinds, bulls remain in control as the S&P 500 was up about 1.4% on Wednesday. With that in mind, let’s look at a few top stock trades for Thursday.
Top Stock Trades for Tomorrow No. 1: Slack (WORK)
Shares are powering higher, clearing the 78.6% retracement on Monday and holding it as support on Tuesday. In fact, the stock rallied to new 2020 highs on Wednesday.
From here, bulls’ attention remains fixated on two levels — the first being downside support at the 78.6% retracement. The other level is $42, which marks Slack’s all-time high from 2019.
On a break of support, though, look to see if uptrend support (blue line) or the rising 20-day moving average buoy Slack stock.
Top Stock Trades for Tomorrow No. 2: Boeing (BA)
Boeing (NYSE:BA) has been a beast these past few days, rising about 13% on Wednesday alone.
After struggling with the 23.6% retracement, Boeing stock has now cleared this mark — gunning for its highest level since March. Should it continue higher, look to see if BA can get to the 38.2% retracement near $188.
On the downside, however, I want to see the 23.6% retracement act as support. Below it puts the 50-day moving average back in play. Below that, and bulls could be in a bit of trouble; But let’s go one step at a time.
Top Trades for Tomorrow No. 3: Campbell’s Soup (CPB)
Campbell’s Soup (NYSE:CPB) is not reacting in the way that bulls’ had hoped, down about 6.1%.
However, shares continue to hold over the 20-week moving average. Should shares dip below that, the 50-week moving average comes into play, which has been support all year.
It doesn’t mean much if CPB can’t get above $54, though. That has been resistance all year as well. Above $54 opens the door to $58, which puts the all-time high on the table as well.
So long as shares are above the 20-week moving average, bulls can stay long, even though CPB has not been that exciting.
Top Stock Trades for Tomorrow No. 4: Inovio (INO)
Inovio Pharmaceuticals (NASDAQ:INO) is tumbling on the day, down more than 13%. However, the bullish setup isn’t over yet.
After INO stock broke out over $9.50 in April, it held this area as support in May. Now, though, the $16 level continues to act as resistance. That said, I want to see where support comes into play.
On a dip, let’s see if the 50-day moving average and uptrend support hold as support. Below puts the $9.50 level back in play. On a move back over the 20-day moving average, let’s see if INO can clear $15 and retest $16. Above puts $19 in play, the high from March.