Stock extended their gains on Monday, hitting more new all-time highs. Now, let’s look at a few top stock trades for Tuesday.
Top Stock Trades for Tomorrow No. 1: Hasbro (HAS)
Hasbro (NASDAQ:HAS) tried to move higher on Monday after reporting earnings, but down 4.3% and it’s just not working out for the bulls. From here, though, the roadmap is pretty clear.
Shares are knifing below the 50-day moving average, but bulls really don’t want to see the $90 level fail as support.
This is a small breakout level and where the 100-day moving average rests. However, the 21-week, 100-week and 200-week moving averages are all in the $90 to $93 area as well. Last month’s low is also within this range.
If it fails, that doesn’t bode well, potentially putting the 200-day moving average on the table.
On the upside, however, $100 is acting as resistance. If Hasbro can recover its losses in the next few weeks, let’s see if we can get a monthly-up rotation over $101.24.
Top Stock Trades for Tomorrow No. 2: Clovis Oncology (CLVS)
Clovis Oncology (NASDAQ:CLVS) has been trading well lately. In fact, really well. Shares had been in a pretty rough downtrend since late 2019 until January 2021, when the stock began moving violently to the upside.
Shares ended Monday nearly 10.5% higher, adding to Friday’s 17% gain.
What a beautiful bull pennant setup to the 10-day moving average that CLVS stock gave us after its monstrous move higher. Now extending into the $10.50 area, shares are struggling with the 50% retracement and the May highs.
Above this area opens the door to the 61.8% retracement at $12.18, followed by the 78.6% retracement near $14.50.
On the downside, watch for a move back below $9.50 — the January high. That could put the 10-day moving average in play.
Top Stock Trades for Tomorrow No. 3: Nautilus (NLS)
Shares of Nautilus (NYSE:NLS) have been trading better lately.
The company reported strong earnings back in November, but the Street ignored those results, sending NLS stock to multi-month lows.
Nautilus bottomed in late December before rallying back to resistance near $27.50 — the area that stymied the stock in October and November. The recent dip was bought by buyers at the 10-day moving average as shares now retest resistance.
If resistance remains in place, keep an eye on that 10-day moving average. Below last week’s low at $23.30, and a move down into uptrend support and its key moving averages could be on the table.
On the upside, though, a breakout over the highs at $28.43 and a move to $30-plus is possible.
Top Stock Trades for Tomorrow No. 4: XPeng (XPEV)
Traders are looking for XPeng (NYSE:XPEV) to give a good move, but we need to wait for some confirmation.
Ideally, I would like to see a weekly-up rotation over $51.34, which would also put the stock over its 10-day, 21-day and 50-day moving averages — all three of which the stock is currently below.
Some investors may not prefer to wait for a rotation and that’s fine. While a move over $51.35 could set up a rally to $55-plus, it would have to climb more than $3 a share just to get to that rotation point. Those that like XPEV stock now and prefer to go long, they must keep an eye on $45.86.
A move below this mark would be concerning and potentially put sub-$40 on the table.
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.