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4 Top Stock Trades for Wednesday: AMZN, HD, WMT, BE

Here are the top stock trades we’re watching for Wednesday morning

top stock trades - 4 Top Stock Trades for Wednesday: AMZN, HD, WMT, BE

The S&P 500 finally did what the Nasdaq Composite did months ago, which is finally hit new all-time highs. With that in mind, let’s look at the charts to see what top stock trades Tuesday had to offer. 

Top Stock Trades for Tomorrow No. 1: Amazon (AMZN)

top stock trades for AMZN
Click to Enlarge
Source: Chart courtesy of StockCharts.com

Amazon (NASDAQ:AMZN) stock was setting up for either a breakdown or a breakout. It flirted with the former earlier this week, but now the latter is playing out on Tuesday. 

Shares exploded through the $3,240 area — although it did check back to this mark intraday — as Amazon is now north of $3,300. 

The stock is trading up into the three-times range extension at $3,303 and is close to new all-time highs at $3,344. If AMZN can clear these marks with authority, it puts the $3,500 area in play. Above that and the 361.8% extension is on the table near $3,649.

On the downside, though, a break of uptrend support and the 20-day moving average would be a negative development for bulls. 

Top Stock Trades for Tomorrow No. 2: Home Depot (HD)

top stock trades for HD
Click to Enlarge
Source: Chart courtesy of StockCharts.com

Home Depot (NYSE:HD) delivered a top- and bottom-line beat on Tuesday before the open. However, the stock is not reacting with the upside momentum bulls were likely hoping for. 

With that said, it’s not exactly a bloodbath either, with Home Depot shares down about 1% on the day. 

Let’s see if shares can take out the post-earnings high — which is actually now the all-time high — at $290.58. Above that opens the door to $300, then the 161.8% extension, up at $308.82. 

On the downside, however, a move below $280 puts the 20-day moving average in play — followed by the 123.6% extension near $269 Below that, and the breakout level near $260 is on the table.

Keep it simple, and go level by level. 

Top Stock Trades for Tomorrow No. 3: Walmart (WMT)

top stock trades for WMT
Click to Enlarge
Source: Chart courtesy of StockCharts.com

With just a touch more volatility, Walmart (NYSE:WMT) is making a similar move to Home Depot after its earnings report before the open

Those that liked the result and want to take it on as a trade, see that it stays above the $130 area. That will keep shares above the $132 breakout level, the 20-day moving average and uptrend support (blue line). 

On the upside, shares hit the 161.8% extension up at $137.14, if measuring from the March low to the November high (the prior 52-week high). A close over this mark puts the two-times range extension in play, up at $145.75.

I would love to get a post-earnings dip in this name that settles in around $132 or so, giving investors a great risk/reward long opportunity. 

Top Stock Trades for Tomorrow No. 4: Bloom Energy (BE)

top stock trades for BE
Click to Enlarge
Source: Chart courtesy of StockCharts.com

Bloom Energy (NYSE:BE) has a very solid chart setup, with shares ripping higher by almost 20% on the day. 

The stock reclaimed the key $14 level last week, then reclaimed the 20-day moving average on Tuesday. From here, it leaves the door open to the $19 to $20 area. Above that, and the 161.8% extension is in play at $21.62. 

On the downside, though, I want to see shares find support at the 20-day moving average and the $14 mark. Below likely puts the 50-day moving average in play. 

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/2020/08/4-top-stock-trades-for-wednesday-amzn-hd-wmt-be/.

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