After a hearty shakeout on Tuesday, stocks performed better on Wednesday despite another tricky open. Now, let’s look at a few top stock trades for Thursday.
Top Stock Trades for Tomorrow No. 1: Boeing (BA)
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I have been harping on Boeing (NYSE:BA) over the last few weeks and this is why. Shares ended the day up more than 8% after shaking off some bad news on Monday and giving us a solid close on Tuesday despite the market-wide volatility.
On Wednesday, the stock powered up through the 50% retracement and gave us a multi-week and monthly-up rotation.
Let’s now see if Boeing can push up to and through the $237 to $240 zone, putting the December highs on the table near $244. Above that, and the 61.8% retracement and $250 level are in play.
On the downside, however, I really want to see the stock hold the $220 level and the 10-day moving average. Below puts the 50-day moving average on the table, then the 21-week moving average.
Top Stock Trades for Tomorrow No. 2: TJX Companies (TJX)
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TJX Companies (NYSE:TJX) is holding up pretty well on earnings, even if shares are simply holding near flat on the day. It’s still above all of its major moving averages.
However, what I really want to see is a rotation over the $71 level, which has been resistance in 2021. Above it could open up $75 and the 161.8% extension of the short-term range near $76.
Furthermore, a breakout over $71 could put a longer-term target of $85 on the table, which is the 161.8% extension of the long-term range.
On the downside, however, a break of $67.50 is bad news. It will put the stock below multiple moving averages, as well as the 61.8% retracement. In that case, the 21-week and 100-day moving averages will be on the table, along with the January low.
Top Stock Trades for Tomorrow No. 3: Jumia (JMIA)
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Jumia (NYSE:JMIA) has been all over the map lately. 10 sessions ago, it hit a new all-time high near $70 then fell hard to yesterday’s low at $41.52.
Now, shares are ripping back to the upside and reclaiming the 50-day moving average. This one is a tricky stock, especially lately.
Rather than a robust surge higher, I would rather have a day or two of pause here. Ideally, we could get an inside day after today’s big candlestick (purple circle) that keeps JMIA stock above $49 and the 50-day moving average.
That would at least let the stock settle down a bit. Above the 10-day moving average puts $60 back in play, followed by a possible push up toward $65 to $70.
If Jumia goes on to break below this week’s low, the 100-day moving average could be on the table.
Top Trades for Tomorrow No. 4: Nano-X Imaging (NNOX)
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Nano-X Imaging (NASDAQ:NNOX) was trading quietly until this afternoon when shares shot up by 10% to 15%.
Before that, we had a nice inside day as NNOX stock was sitting right on the 100-day moving average. Now we have a daily-up rotation, as shares cleared Tuesday’s high. Like Jumia, this stock was a big winner but came in hard recently, falling 46% in 18 trading days.
Ideally we will see shares clear the 10-day and 50-day moving averages near $58. Above that puts $64 on the table, followed by $70 and the 21-day moving average.
I really don’t want to see a close below this week’s low. Also, NNOX reports earnings on March 2.
On the date of publication, Bret Kenwell held a long position in BA.
Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell.
