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4 Top Stock Trades for Wednesday: ROKU, RIOT, TTWO, OPEN

top stock trades - 4 Top Stock Trades for Wednesday: ROKU, RIOT, TTWO, OPEN

It was a quiet day for the stock market, with most major indices remaining relatively unchanged. That said, let’s look at a few top stock trades as we approach mid-week.

Top Stock Trades for Tomorrow No. 1: Roku (ROKU)

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

Roku (NASDAQ:ROKU) gave another powerful push on Tuesday, climbing to new all-time highs. At one point, shares were up more than 11.5% on the day.

The stock rallied right to its 361.8% extension before pulling back off the highs. Can it push through and put $500 in play? At this point, why can’t it? Particularly if bulls get excited ahead of earnings on Feb. 18.

From here, obviously long-term bulls (like me) would just trip over themselves for a big, juicy dip. This one has been a monster and until the trend ends, traders will keep buying those dips.

Look for a break of the 21-day moving average on the downside. That could put $368 and the 50-day moving average on the table. Below those marks, and maybe we get a real shake out.

In the immediate short term, I am watching the recent high as a possible gateway to $500. Otherwise, I’m looking for a dip back down to the $450 mark and the 10-day moving average.

Top Stock Trades for Tomorrow No. 2: Riot Blockchain (RIOT)

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

Given the explosive move in Bitcoin (CCC:BTC-USD), one should not be surprised by the rally in Riot Blockchain (NASDAQ:RIOT). Shares quietly rallied for four-straight sessions before this week, where it is currently up 70.5% in just two days.

From here, obviously one should expect some volatility. If you’ve been long, pat yourself on the back.

On the upside, look for a move above $42 and the two-times range extension. If we get it, $50 and the 261.8% extension are on the table. Remember, this one is likely going to follow Bitcoin’s trading direction.

On the downside, however, a move back below $37 could set up an eventual retest of $30 and the 10-day moving average.

Top Stock Trades for Tomorrow No. 3: Take-Two Interactive (TTWO)

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

Take-Two Interactive (NASDAQ:TTWO) is dipping on earnings, down a little over 6%.

However, shares are bouncing off the lows of the day as it tests down into the 50-day moving average. From here, aggressive bulls who like the name can likely take a stab at the stock.

Conservative bulls will either want to wait for a larger dip — perhaps down toward range support near $195 — or wait for a rotation back to the post-earnings high, near $204.

For the latter, it will also put TTWO stock back over the 10-day and 21-day moving averages, then put a gap-fill back up toward $210 in play.

A break of range support could put the 100-day moving average in play, followed by $180.

Top Trades for Tomorrow No. 4: Opendoor Technologies (OPEN)

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

Opendoor Technologies (NASDAQ:OPEN) exploded higher today, rallying 14% on Tuesday.

OPEN stock looked like it wanted to get going last week, but kept stalling. Not today, though. Shares powered higher, clearing last month’s highs at $31.50 and pushing up toward $32.

If it can hold over $31.50, that gives us a monthly-up rotation. That puts the highs in play at $32.40, followed by a possible extension into the mid-$30s should we get a notable breakout. If that breakout really gains steam, perhaps the 161.8% extension is in play.

Should resistance hold steady in the $31.50 to $32.50 area, look for a dip back into the 10-day and 21-day moving averages. Below these marks puts strong support from the 50-day moving average and uptrend support (blue line) back in play.

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

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-wednesday-roku-riot-ttwo-open/.

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