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4 Top Stock Trades for Tuesday: TSLA, SPCE, KODK, JKS

top stock trades - 4 Top Stock Trades for Tuesday: TSLA, SPCE, KODK, JKS

Tech muscled its way higher in a quiet trading session on Monday, as investors await news from Washington regarding a stimulus bill. With that in mind, let’s look at a few top stock trades in the meantime.

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

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

Tesla (NASDAQ:TSLA) has left me speechless. Honestly, I can understand why people want to be short Tesla, because a market capitalization of more than $600 billion seems so outrageous.

But if you follow the price action, you would know to stay away from this stock on the short side.

In November, the breakout over the $460 area was quite clear. That put $500-plus in play and shares have quickly churned their way up toward $650. For now, I am buyer on dips to the 10-day moving average, which was support just a few days ago.

On the upside, let’s see if this stock can see $700 and possibly $720, which is the 261.8% extension from the September low to the September high.

Top Stock Trades for Tomorrow No. 2: Virgin Galactic (SPCE)

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

Virgin Galactic (NYSE:SPCE) has been a tremendous speculative play for bulls, as shares have almost doubled over the past five to six weeks.

Now hitting its highest level since February, bulls want to know if more upside is possible. I continue to believe that SPCE stock could hit $35, which is roughly where it will find the 78.6% retracement of the entire 2020 range.

Above that, and $40-plus is possible, as is the all-time high up at $42.49. On the downside, though, I want to see $28 hold as support — simple as that.

Top Stock Trades for Tomorrow No. 3: Kodak (KODK)

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

I personally avoid trading stocks like Kodak (NYSE:KODK), because these moves are simply too wild for me. That said, it continues to move quite technically.

Shares were wedging below $10 before exploding higher, up more than 50% on the day despite being well off the highs.

Kodak basically filled the gap from August, but are struggling to hold a key area between $12 and $12.50. If it can hold this area, the odds increase that it can clear $15 and possibly put $27.50 in play.

Below Monday’s low, and Kodak could retest $10 — as well as its key moving averages in the $8s.

Top Stock Trades for Tomorrow No. 4: Jinko Solar (JKS)


Click to Enlarge
Source: Chart courtesy of StockCharts.com

Jinko Solar (NYSE:JKS) isn’t having the best reaction to earnings, down about 5% on the day. That said, it’s not the end of the world, either.

Shares are clinging to the 10-week moving average after a monstrous run since September. Generally speaking, $70 has been resistance as JKS continues to put in a series of lower highs, while support has been in play at $55.

Above $55, and bulls can justify staying long. Below this mark, though, and JKS stock could see a larger pullback.

If $55 and the 10-week moving average hold as support, look for a move over Monday’s high near $65. Above that, and $70 is in play, followed by the two-week high near $76.50.

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/2020/12/4-top-stock-trades-for-tuesday-tsla-spce-kodk-jks/.

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