4 Top Stock Trades for Thursday: TWTR, NIO, BIIB, SNAP

top stock trades - 4 Top Stock Trades for Thursday: TWTR, NIO, BIIB, SNAP

It was a quiet session on Wednesday, as investors search for direction shortly ahead of earnings season. With that in mind, let’s look at a few top stock trades for Thursday.

Top Stock Trades for Tomorrow No. 1: Twitter (TWTR)

TWTR Stock Daily Chart
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Source: Chart courtesy of StockCharts.com

Shares of Twitter (NYSE:TWTR) were burning higher, climbing by more than 10% before backing off some of those gains. 

The stock was rallying on talks of a potential subscription business, although it’s still not clear what the situation is regarding these reports. What is more clear, though, is the chart. 

Shares were rejected from the $37 area, with Twitter unable to reclaim the June high near $36.94. If it can reclaim $37, it puts the February highs in play near $39 and unlocks the potential to clear $40 and go higher. 

Should the stock continue to retreat from $37, however, instead see that its confluence of moving averages between $31.60 and $32.60 hold as support. There it finds the 20-day, 50-day and 200-day moving averages.

Below puts the June low back in play near $28. 

Top Stock Trades for Tomorrow No. 2: Nio (NIO)

NIO Stock Weekly Chart
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Source: Chart courtesy of StockCharts.com

Nio (NYSE:NIO) shares burst higher again on Wednesday, but finally seem to be running out of some steam. Similar action can be seen in Tesla (NASDAQ:TSLA). However, Nio shares are still up almost 40% so far this week. 

In any regard, I want to see how the stock does now. If it takes out this week’s low, will $10 hold as support? Should shares take out that low — near $10.70 — see if Nio fills the gap down toward $9.38 and see whether it can close its respective weekly candle above $10. 

Above $10 keeps the new highs near $15 in play. Above $15, and the 123.6% extension of the prior range is in play at $16.78. Below $10, though, and Nio may need a rest. 

Top Stock Trades for Tomorrow No. 3: Biogen (BIIB)

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

Biogen (NASDAQ:BIIB) shares got off to a fast start on the day, climbing about 9% at its highs. However, after ending the day up “just” 4.4%, the action is certainly disappointing for bulls. 

That’s particularly true as Biogen gapped above both the 50-day and 200-day moving averages, but is failing to hold them as support. Furthermore, it’s failing to hold the $290 level, which was former support a few months ago that gave way in June. 

If BIIB stock was healthy, shares would have held $290 and these key moving averages, as it made its way up toward $310.

 

Now we must watch $270 on the downside. Below it, and Biogen will lose another key spot, as well as the 20-day moving average. If that’s the case, it will put $255 to $260 on the table, and potentially more downside. 

Top Stock Trades for Tomorrow No. 4: Snap (SNAP)

SNAP Stock Weekly Chart
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Source: Chart courtesy of StockCharts.com

Snap (NYSE:SNAP) shares remain in focus as investors ponder whether the U.S. will move forward with banning the popular video app TikTok.

The speculation is helping to fuel Snap shares to multi-year highs, after an already stupendous run. The stock is up more than three-fold from the lows.

Should it continue higher, look to see if the stock can get to $27.09, which is the 161.8% extension from the March lows to the January highs. Above that puts the all-time high in play from 2017 at $29.44, followed by the two-times range extension at $31.62

Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell. As of this writing, Bret did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2020/07/4-top-stock-trades-for-thursday-twtr-nio-biib-snap/.

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