One of Bitcoin’s First Millionaires Issues Controversial Warning

On Monday, September 21, at 4 p.m. ET, Matt McCall will sit down with this bitcoin tycoon to warn the public about an urgent event about to rock the crypto world.

Mon, September 21 at 4:00PM ET
 
 
 
 

4 Top Stock Trades for Friday: PENN, DKNG, BYND, RH

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

top stock trades - 4 Top Stock Trades for Friday: PENN, DKNG, BYND, RH

While stocks raced higher in the opening few minutes of trading, equities faded hard in the afternoon. With that in mind, let’s look at a few top stock trades for Friday. 

Top Stock Trades for Tomorrow No. 1: Penn National Gaming  (PENN)

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

Penn National Gaming (NASDAQ:PENN) has been a beast, emphasized by Thursday’s 7.4% pop to new highs.

The move sent the stock gapping up to the 161.8% extension and rallying from the open. Now this can go one of two ways. If the 161.8% extension holds as support, look for Penn to rally toward the two-times range extension near $75.

If it breaks below the 161.8% extension, investors can expect a possible test of the 20-day moving average and a gap-fill toward $59.

Below both of these marks would put the September low in play at $51.19, followed by a possible retest of the 50-day moving average. On a deep correction, the big-time breakout level at $40 could be tested.

Top Stock Trades for Tomorrow No. 2: DraftKings (DKNG)

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

DraftKings (NASDAQ:DKNG) is also moving well, as shares rallied more than 9% at one point in the session.

Before the market open, I flagged the stock’s potential to rotate over last week’s high, putting a test of the $43.75 to $44.50 area in play. As you can see on the chart, DraftKings extended into that area on Thursday and was rejected.

If DKNG can hold above last week’s high (at $41.29), it keeps this upper zone in play, and the potential for a move up to new highs.

On a break of last week’s high, we could get a retest into the $35 to $37 area, where DraftKings finds several key moving averages and uptrend support (blue line).

Top Stock Trades for Tomorrow No. 3: Beyond Meat (BYND)

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

Beyond Meat (NASDAQ:BYND) was displaying a fair amount of relative strength on Thursday, although the late-day selloff weighed on its gains.

Still, shares are rotating over last week’s high and last month’s high, which are within a penny of each other around $142.50.

If shares can sustain over these levels, look for Beyond Meat to take out Thursday’s high near $150. Above could put $160-plus in play, as well as the 2020 high at $167.16.

Below $142.50, and BYND may test back down into the $130 area — where it finds the 20-day and 50-day moving averages. Below puts $120 range support back in play, which has held up incredibly well over the past few months.

Top Stock Trades for Tomorrow No. 4: RH Inc (RH)

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

RH Inc (NYSE:RH) has been on fire, just slowly grinding higher. That is, until Thursday’s 20% rally. The crazy thing with this name is the range. 

One would typically expect a stock that was up five-fold near today’s highs (from the March lows) to be pushing its limits on the extension front. Instead, RH just cleared the 161.8% extension in Thursday’s session. 

If it continues higher, look for RH to reclaim $400 and potentially run to the two-times range extension at $439.41. If it really takes off, the 261.8% extension could be in play at $552 down the road. 

Below the 161.8% extension, and RH may test down into uptrend support (blue line) and the prior pre-earnings high near $345.

On the date of publication, Bret Kenwell did not have (either directly or indirectly) any positions in any of the securities mentioned in this article.

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


Article printed from InvestorPlace Media, https://investorplace.com/2020/09/4-top-stock-trades-for-friday-penn-dkng-bynd-rh/.

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