It remains tricky trading on Wednesday, with shares popping higher but struggling to hold the highs. On the plus side, high-growth stocks bounced on the day. With all of that in mind, let’s look at a few top stock trades.
Top Stock Trades for Tomorrow No. 1: Aurora Cannabis (ACB)
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Aurora Cannabis (NYSE:ACB) has been all over the map lately. Coming into the month it was near $4. But on Monday it almost hit $15.
On Wednesday, shares opened below $7, marking ACB stock down more than 50% from the week’s high. Today’s move is interesting, though.
Aurora is filling the gap from Monday, while also recouping its losses today to fill Wednesday’s massive gap. Now, let’s see if shares can now clear the 100-day moving average.
If it can, it puts $10 and the 200-day moving average on the table. Above that, and the recent high at $14.48 is in play. On the downside, however, a break of Wednesday’s low and the 50-day moving average would be problematic.
Top Stock Trades for Tomorrow No. 2: Boeing (BA)
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On Monday, Boeing (NYSE:BA) gapped out of its downward channel and over the 50-day and 100-day moving averages. The rally was rejected by the 200-day moving average, but Boeing reclaimed this level on Tuesday.
On Wednesday, it’s struggling to hold it as support.
Should BA stock lose $180, it opens it back up to a move lower. Specifically, it will put this week’s low on the table at $172.16. Below that, and a retest of the 100-day moving average and prior channel resistance could be in play.
On the upside, I want to see Boeing close above the 200-day moving average and take out this week’s high at $193.95. If it can do that, $200-plus is possible.
Top Stock Trades for Tomorrow No. 3: Zoom Video (ZM)
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Zoom Video (NASDAQ:ZM) has been all over the place lately. The moves it’s had into support have proved to be excellent short-term buying opportunities.
Still, question marks exist. Most recently, the 100-day moving average provided a bounce. If it’s retested and fails this level, investors have to be aware of the looming gap down near $325.
Filling this gap could lead to an excellent buying opportunity if ZM stock finds its footing.
On the upside, see if ZM can hold $400. If it can, $450 is a critical level, along with the 50-day moving average. The latter had been strong support before failing this week with Zoom’s big gap down on Monday.
If Zoom rallies to the 50-day moving average and if it acts as resistance, we could be seeing a change in tune with this stock. Stay open minded.
Top Stock Trades for Tomorrow No. 4: Plug Power (PLUG)
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Plug Power (NASDAQ:PLUG) has been enjoying lockstep gains. The pattern has been simple thus far: Break out over resistance, find prior resistance as support.
You’ll notice that pattern has been in play since June. Most recently, PLUG stock broke out over $19. Now it’s pushing through the 161.8% extension.
Shares could now rally to $24.35, the two-times range extension. However, we don’t know where resistance will come into play yet. On the upside, keep that two-times range level in mind.
On the downside, though, I’m a buyer at former resistance near $19. Below that, and the 50-day moving average is in play.
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.
