Millions of People Will Soon Be Blindsided. Will You Be One of Them?

On April 20 at 7 p.m. ET, Louis Navellier and Matt McCall will reveal an event that’s about to rock the stock market and how you could use it to beat the markets by nearly 11X.

Tue, April 20 at 7:00PM ET

4 Top Stock Trades for Thursday: AMZN, PLUG, GME, REGN

top stock trades - 4 Top Stock Trades for Thursday: AMZN, PLUG, GME, REGN

The markets tiptoed higher again on Wednesday, refusing to be rattled by the drama out of Washington D.C. That said, let’s look at some top stock trades as we near the long holiday weekend.

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

top stock trades for AMZN
Click to Enlarge
Source: Chart courtesy of TrendSpider

Amazon (NASDAQ:AMZN) showed some promise in late December, but ultimately that $3,340 area remained resistance.

From that point, shares have turned lower and struggled to gain upside momentum. The stock lost the 10-week and 21-week moving averages and continues to find them as resistance.

Amazon is not in a full-blown breakdown by any means, but the price action sure is discouraging. In order to have any confidence, we need to see some sort of sustainable rotation higher.

That said, shares remain in this tightening wedge pattern (blue lines) with earnings coming up later this month. A break of wedge support puts $2,888 and the 200-day moving average in play.

On the upside, it looks like $3,340 and wedge resistance will continue to draw in the sellers. A move over this area could put $3,500 in play.

Top Stock Trades for Tomorrow No. 2: Plug Power (PLUG)

top stock trades for PLUG
Click to Enlarge
Source: Chart courtesy of TrendSpider

I have no words for Plug Power (NASDAQ:PLUG). The move has simply been stunning over the past few days. Do I think it is sustainable? Absolutely not. But could it continue higher? It’s possible. That’s always the danger to being short.

In the $40s, you could make the logical case that the stock had rallied too far. Same with the $50s. But that didn’t stop Plug from sniffing out the $70s a few days later. If you’re short from $45, you’re sitting on a massive loss.

Watch for Plug to break some downside levels — a prior high or previous day’s low, for instance. When that happens, not if, look to see how it does near the 10-day moving average.

How it handles that mark will help us gauge the severity of the dip.

Top Stock Trades for Tomorrow No. 3: GameStop (GME)

top stock trades for GME
Click to Enlarge
Source: Chart courtesy of TrendSpider

GameStop (NYSE:GME) also went ballistic, rallying more than 90% at one point today.

While the daily chart is a true beauty to marvel, the monthly is more helpful. Shares erupted through the 100-month and 200-month moving averages, and the key $25.50 area.

However, the $35 area and 61.8% retracement (on an admittedly very wide range) are acting as resistance. Back over these levels, and the January high is in play at $38.65. Above that puts the 78.6% retracement in play.

However, this name likely needs to rest. As long as it holds up over the $25 to $26 area, it could remain healthy.

Top Stock Trades for Tomorrow No. 4: Regeneron (REGN)

top stock trades for REGN
Click to Enlarge
Source: Chart courtesy of TrendSpider

Regeneron (NASDAQ:REGN) is slowly getting back in investors’ good graces.

In November, shares drifted down toward $500. In early December, shares broke below this area and it turned to support.

Then look at that “look below and fail” in January, where REGN stock broke below the December low near $471.50 and reversed higher (blue circle). Shares then gapped up and reclaimed the 10-day moving average, pushed through $500 and are now battling the 50-day moving average.

If it fails here, look for support from $500 and the 10-day moving average. On the upside, though, look for resistance near $545 to $550. There it finds the 100-day and 50-week moving averages, as well as downtrend resistance.

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,

©2021 InvestorPlace Media, LLC