5 Top Stock Trades for Wednesday: GLD, MU, GOLD, INO, UBER

top stock trades - 5 Top Stock Trades for Wednesday: GLD, MU, GOLD, INO, UBER

It’s the last day of the quarter, and we’re seeing some interesting moves in the stock market. That said, let’s look at a few top stock trades for Wednesday.

Top Stock Trades for Tomorrow No. 1: Gold (GLD)

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

Gold prices have been trading better lately. Despite investors knowing all about the Federal Reserve and other central banks printing money to stave off an economic collapse, the yellow metal has only slowly crept higher.

While the action has frustrated the bulls, it’s been moving in the right direction — as evidenced by the SPDR Gold Trust ETF (NYSEARCA:GLD).

Last week, the GLD broke out over $164 resistance and has since retested this level to find it as support. I love breakouts like that, as the retest solidifies the bull case. The GLD is hitting new highs on the move on Tuesday.

From here, see that $164 continues to act as support on the downside. On the upside, though, see if the 138.2% extension is hit at $138.25, followed by the 161.8% extension up at $173.74.

Top Stock Trades for Tomorrow No. 2: Micron (MU)

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

Micron (NASDAQ:MU) is moving on earnings, jumping nearly 5% on Tuesday. There’s both good news and bad news with the rally, though.

On the plus side, Micron is clearly several key moving averages, which is beneficial to bulls as they can now potentially act as support. Unfortunately, though, shares are having trouble clearing $52.

$52 was short-term support, then resistance earlier this month. Clearing this mark would put the 78.6% retracement and June highs in play near $55. Below keeps the 200-day and 50-day moving averages in play, along with uptrend support (blue line).

Top Stock Trades for Tomorrow No. 3: Barrick Gold (GOLD)

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

Unlike GLD stock, Barrick Gold (NYSE:GOLD) is not yet hitting new highs. However, it is trading better lately.

Shares continue to trend higher and are now north of the 50-day moving average. If the rally can continue, it could send GOLD stock up to $28 resistance. Above that, and shares may be looking at a breakout.

In that event, look for a possible move up to the two-times range, near $31.25. On the downside, however, look for a break of the 50-day moving average. A break of this mark may mean Barrick Gold stock needs time to reset.

Top Trades for Tomorrow No. 4: Inovio (INO)

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

Inovio Pharmaceuticals (NASDAQ:INO) is getting hammered on the day, falling nearly 15%.

When we looked at Inovio last week, we pointed out the 161.8% retracement near $28 amid the rally. Above it, and I said shares could get to the two-times range extension — up at $33.59.

After topping out at $33.79, shares are beginning to unwind. For now, the 10-day moving average is holding as support. However, a move below that mark could put further selling pressure on INO stock.

Specifically, it could put the $18 breakout level back in play, as well as the 20-day moving average. If support firms up in this area, aggressive bulls may consider a long trade.

Watch the 161.8% extension on the upside, though. Over that, and $30-plus is possible.

Top Trades for Tomorrow No. 5: Uber (UBER)

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

Uber (NYSE:UBER) stock had momentum entering this month, but it could not be maintained.

Shares gapped down in the middle of the month, failed to reclaim the 20-day moving average and $34 and fell into a downward trend. Former resistance near $28 is now acting as support, but the 200-day moving average is acting as resistance.

Ugh, this chart is sloppy. Traders usually want some clarity, and this one just has too many things gumming up the works.

How about this, though: If shares can clear $34, it not only propels Uber over a key level from June, but also over its key moving averages. In that event, it puts $38 in play. A close below $28 could accelerate further selling pressure.

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


Article printed from InvestorPlace Media, https://investorplace.com/2020/06/5-top-stock-trades-for-wednesday-gld-mu-gold-ino-uber/.

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