4 Top Stock Trades for Friday: CGC, DKNG, ETSY, SPCE

top stock trades - 4 Top Stock Trades for Friday: CGC, DKNG, ETSY, SPCE

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)

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

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)

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

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)

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

Etsy (NASDAQ:ETSY) is another one I flagged earlier in the day. We saw a red-to-green move, which is simply shares opening lower then moving higher into positive territory on the day.

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)

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

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.

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


Article printed from InvestorPlace Media, https://investorplace.com/2020/07/4-top-stock-trades-for-friday-cgc-dkng-etsy-spce/.

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