There were plenty of noteworthy moves in the market today, even if the stocks weren’t reporting earnings. With that in mind, let’s look at a few top stock trades for Friday.
Top Stock Trades for Tomorrow No. 1: Canopy Growth (CGC)
Canopy Growth (NYSE:CGC) continues to look better and better on the daily chart, even shares faded from the session highs on Thursday.
The $18.25 area has been significant for several months, mostly acting as resistance. However, CGC stock is now trying to clear this mark, as well as the 200-day moving average.
Again, Thursday’s fading price action is disappointing. But if Canopy can regain this area, it could open up more upside. Over the 50-week moving average near $19.50 and Canopy could fill the gap up toward $20. Above that puts $22.09 in play, the high from May.
On the downside, look to see if CGC can hold the 10-day and 50-day moving averages. Below $16 could put the June and July lows in play.
Top Stock Trades for Tomorrow No. 2: DraftKings (DKNG)
DraftKings (NASDAQ:DKNG) caught plenty of attention on Thursday, rallying more than 10% at one point. The action follows Wednesday’s 7.8% gain. When shares pulled back into support this morning, I flagged this name on Twitter (NYSE:TWTR).
In any regard, shares are rallying hard off the $27.50 area, where DKNG reversed from on Tuesday. Now into former support near $36, bulls have had a successful couple of days.
On the downside, I would love to see the 20-day and 50-day moving averages hold as support. Below $34, and I want to see the 10-week moving average hold as support at $32.69.Over $36 and the 78.6% retracement at $37.40, however, puts a move back toward $40 in play.
Top Stock Trades for Tomorrow No. 3: Etsy (ETSY)
The stock has gone through five straight days of declines, but the last three have all found support near $100. Now rotating back over yesterday’s high, ETSY stock is trying to reclaim the 20-day moving average.
If this stock can clear $105, then the $110 to $115 area is back in play ahead of earnings in a couple of weeks. A break of the two-times range extension near $96 puts the 50-day moving average in play.
Top Stock Trades for Tomorrow No. 4: Virgin Galactic (SPCE)
We saw some fireworks out of Virgin Space (NYSE:SPCE) at the beginning of the week. But with Thursday’s surge, SPCE is back on traders’ radar.
The stock cleared the May highs at $21.53 at one point, putting the 38.2% retracement in play at $21.83. Above that technically puts the 50% retracement in play at $25.78.
On the downside, though, $18 has made a solid stand this week. Below that level puts the 50-day moving average back in play. Remember, this one can be volatile.