4 Top Stock Trades for Thursday: AMZN, SPOT, BMY, ABBV

top stock trades - 4 Top Stock Trades for Thursday: AMZN, SPOT, BMY, ABBV

Bulls extended the stock market’s gains to a third-consecutive day as the earnings continue to roll in. Now, let’s look at a few top stock trades for Thursday. 

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

top stock trades for AMZN
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Source: Chart courtesy of TrendSpider

Amazon (NASDAQ:AMZN) made a great move ahead of earnings, popping above resistance ahead of its fourth-quarter earnings results.

However, the post-earnings reaction is sub-optimal, both without a stock split and on news of CEO Jeff Bezos stepping down later this year.

The plus side is that Amazon is holding up over the $3,345 level. If it can continue to do so, $3,500 to $3,552 remains in play.

Should Amazon lose this prior resistance mark, shares may dip back down toward $3,200, where it finds multiple moving averages. Below uptrend support (blue line), and a trip to the 200-day moving average may be in order.

Top Stock Trades for Tomorrow No. 2: Spotify (SPOT)

top stock trades for SPOT
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Source: Chart courtesy of TrendSpider

Spotify (NYSE:SPOT) gave investors a nice two-day pre-earnings rally. However, it couldn’t deliver the goods on earnings, falling over 8% on the day.

With that said, there is some good news. What could the good news be on a 8% drop?

After fading hard from the 161.8% extension, shares are finding buyers at the 50-day and 10-week moving averages. If it can stick this level and reverse higher, bulls will potentially have a tradable post-earnings low.

A move below Wednesday’s low puts the $300 level and the 100-day moving average on the table. Above the 21-day moving average, and $350 is back in play. If it can take out that level, then $371 level is in play.

Top Stock Trades for Tomorrow No. 3: Bristol-Myers Squibb (BMY)

top stock trades for BMY
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Source: Chart courtesy of TrendSpider

Bristol-Myers Squibb (NYSE:BMY) gave bulls and bears something to work with ahead of earnings, with its volatile yet contained price action.

The post-earnings reaction is lower though, with shares off 1.5%. However, that dip is putting it below the 50-day moving average.

From here, let’s see if can test down into the $61 area. There it finds uptrend support and the 200-day moving average. Both levels have been strong support over the last few months.

Below these marks could put $60 in play, but a drop below $60 could put a decline into mid-$50s on the table.

If shares reclaim Wednesday’s high, see if we can get a push up toward and through $65.

Top Stock Trades for Tomorrow No. 4: AbbVie (ABBV)

top stock trades for ABBV
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Source: Chart courtesy of TrendSpider

AbbVie (NYSE:ABBV) delivered a top- and bottom-line earnings beat and provided better-than-expected guidance. It was rewarded with a 3.4% gain on Wednesday.

The move has shares reclaiming — albeit, barely — the 10-week and 50-day moving averages.

If the stock can take out the 21-day moving average and fill last week’s gap, then the $112.50 highs could be back on the table.

If it loses the 10-week moving average, then the $102 area could be back in play.

On the date of publication, Bret Kenwell held a long position in ABBV and BMY. 

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-thursday-amzn-spot-bmy-abbv/.

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