5 Top Stock Trades for Friday: TSLA, FL, UBER, FB, GRWG

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top stock trades - 5 Top Stock Trades for Friday: TSLA, FL, UBER, FB, GRWG

Stocks were bid up off the lows on Thursday, ahead of this month’s options expiration coming up on Friday. With that in mind, let’s look at a few top stock trades going into the last day of the week.

Top Stock Trades for Tomorrow No. 1: Tesla (TSLA)

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

Shares of Tesla (NASDAQ:TSLA) are up almost 50% in the last seven trading sessions. Talk about a massive move!

In any regard, the stock finally hit its 261.8% extension at $1,969.69 and temporarily cleared $2,000. I want to see if shares run out of charge here and retreat or if they can power higher. 

If Tesla stock powers higher, keep an eye on that $2,205 area, where Tesla will find its three-times range extension. Also keep $2,500 in mind, which will be $500 once the automaker commences its 5-for-1 stock split.

On the downside, though, a dip to 10-day moving average (now at $1,740 but rapidly rising) would not be unhealthy at all. 

Top Stock Trades for Tomorrow No. 2: Foot Locker (FL)

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

Foot Locker (NYSE:FL) will report earnings on Friday before the open. 

Coming into the report, shares are clinging to $27 support. But, should Foot Locker have a bearish reaction, this one could lose momentum quickly. Below $27, and the next support mark may not come into play until the 23.6% retracement near $22.80. 

Also, while malls and department stores haven’t been doing too well, neither has FL stock. In other words, expectations could be pretty low heading into the report. 

If Foot Locker stock rallies on earnings, though, see if it can clear the 20-day and 50-day moving averages near $29, followed by downtrend resistance (blue line). Above puts $31 resistance in play, followed by the 200-day moving average. 

Top Stock Trades for Tomorrow No. 3: Uber (UBER)

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

Uber (NYSE:UBER) stock is reversing higher on Thursday, as the company reportedly wins a delay ruling for classifying drivers as employees in California. Now the setup gets interesting.

Shares are bouncing right off $28, a level I have highlighted several times over the past few months. This area was resistance in March and April, then support in June.

From here, we have to see if Uber can clear its cluster of moving averages — the 20-day, 50-day and 200-day — between $31.16 and $31.74. Above this zone puts $34 range resistance back in play.

A break of $28 will change the tune here. That puts the 50% retracement in play at $27.79. Below could put the 38.2% retracement in play near $24.50.

Top Trades for Tomorrow No. 4: Facebook (FB)

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

Facebook (NASDAQ:FB) had some beautiful price action on Thursday across multiple timeframes. The action was so nice, in fact, that I flagged it on Twitter (NYSE:TWTR).

I am looking for a daily-up rotation over Wednesday’s high, which we are getting so far. It will put $270-plus in play. Above $274 and Facebook can make a run at the current all-time high at $278.89 and the 161.8% extension up at $278.03.

If Facebook can gain momentum over that, then a longer-term price target may be $300 and the two-times range extension up at $311.30.

On the downside, look for a break of the 10-day moving average. Below puts the 20-day moving average in play, followed by the $250 level. I would expect dip-buyers to really show up between $245 and $250, where it finds recent support, the 50-day moving average and uptrend support (blue line).

Top Trades for Tomorrow No. 5: GrowGeneration (GRWG)

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

GrowGeneration (NASDAQ:GRWG) has definitely got some attention lately, more than doubling in just a few days.

On Wednesday, GRWG eclipsed its 461.8% extension before running out of gas. It’s now reversing on Thursday.

This is not one I would be rushing into next, simply because of the volatility. However, if shares lose Wednesday’s low, let’s see if shares can stabilize in the $16 to $17 area. Below will put the 10-day moving average and the 61.8% retracement in play (measured from the March low to the current) high at $15.14.

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

Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell.


Article printed from InvestorPlace Media, https://investorplace.com/2020/08/5-top-stock-trades-for-friday-tsla-fl-uber-fb-grwg/.

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