4 Top Stock Trades for Friday: NVDA, UBER, ZNGA, DIS


top stock trades - 4 Top Stock Trades for Friday: NVDA, UBER, ZNGA, DIS

It was another sideways day for U.S. stocks, as bulls continue to look for reasons to push equities higher. That said, let’s look at a few top stock trades for Friday ahead of the long holiday weekend.

Top Stock Trades for Tomorrow No. 1: Nvidia (NVDA)

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

Nvidia (NASDAQ:NVDA) is hitting new all-time highs (finally). Technically it did so on Wednesday too, but barely.

The stock made a powerful move in 2020, but topped out in the summer and has traded sideways for months now. Earlier this week, it gave bulls a monthly-up rotation over $560.

After a slight stall, shares finally powered up to and through $590. Now over $600, bulls are clearly in control.

What we want to see now is for the stock to maintain over the $590 area, which is the prior all-time high and former resistance. If it can do so, it keeps the 161.8% extension as a possible upside target, up near $660.

On a move lower, though, I want to see support from the 10-day moving average and if we get to $560 — the January high — let’s see that it acts as support.

Top Stock Trades for Tomorrow No. 2: Uber (UBER)

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

Uber (NYSE:UBER) hit new all-time highs on Thursday after better-than-expected earnings.

The move flung shares over the 161.8% extension, although the stock is fading pretty notably from the session highs. From here, let’s use some patience.

If Uber takes out its post-earnings high, perhaps a move to the two-times range extension is in play, up near $70.

However, on a dip below the 161.8% extension, the 10-week moving average is potential support — followed by the 21-week moving average.

Side note: look at the way shares broke out over the prior high at $47.04 (in the fourth quarter), then held it as support. That’s kind the action we like to see on the longer-term time frames.

Top Stock Trades for Tomorrow No. 3: Zynga (ZNGA)

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

Zynga (NASDAQ:ZNGA) had a slow post-earnings reaction, but patient bulls were rewarded.

The stock opened near $11, but ultimately ran up over $12. In fact, shares ran right to the 161.8% extension, which certainly acted as a profit-taking level for short-term buyers.

In any regard, let’s see if the stock can extend over this mark, potentially putting the two-times range extension in play over $13.30.

On the downside, though, a check back to $11 wouldn’t be the worst thing in the world, nor would a test of the 10-day moving average. For now, bulls remain in control.

Top Trades for Tomorrow No. 4: Disney (DIS)

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

Disney (NYSE:DIS) reported earnings after the close and man, has this one been a monster or what? I flagged this one on the weekly-up rotation, and it chugged its way higher into the print.

That creates a tough setup for bulls. One the one hand, it’s up almost 20 points since that rotation. On the other hand, it’s consolidating nicely near $190.

Should we get a continuation to the upside, let’s see if Disney can get to $200 and the 161.8% extension.

On the downside, however, look for a gap-fill near $182 and for a test of the 10-day moving average. Below could very well put the 50-day moving average on the table, followed by the $165.50 level.

On the date of publication, Bret Kenwell held a long position in NVDA.

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

Article printed from InvestorPlace Media, https://investorplace.com/2021/02/4-top-stock-trades-for-friday-nvda-uber-znga-dis/.

©2023 InvestorPlace Media, LLC