After a very bumpy week and quadruple witching expiration day on Friday, let’s look ahead to next week with some top stock trades.
Top Stock Trades for Monday No. 1: Boeing (BA)
Shares went on to scream higher, topping out near $278.57 before resetting. These resets are where bulls can look for more continuation.
This nice little bull flag consolidation just tagged the 10-day moving average before bouncing on Friday. Aggressive buyers would have bought on today’s dip. More conservative traders will wait for a rotation over Friday’s high.
Either way, a close below the 10-day moving average and the 61.8% retracement likely saps more momentum from the stock in the short term. If we get a rotation over Friday’s high though, this stock could be heading back to $275-plus.
Top Stock Trades for Monday No. 2: Apple (AAPL)
Apple (NASDAQ:AAPL) has not shown the leadership that investors wish it would — it’s been that way for a few quarters now.
The stock briefly broke out over the $138 level in January, only to lose that mark after reporting earnings (despite those earnings being really good). The stock has gone on to lose a number of key moving averages, as well as the $126 level.
Notice the way the 100-day moving average went from support to resistance, most recently rejecting Apple earlier this week.
So what now? Bulls need to see Apple either retest the recent low or they need to see a rotation.
If it’s a rotation, I’d love to see shares clear $127.22 next week. Not only would that give us a weekly-up rotation, but it would also put shares over the key $126.75 level, as well as the 10-day, 21-day and 100-day moving averages. It would at least give bulls some type of momentum.
If lower prices are in order, see how Apple handles last week’s low at $116.21 and the 200-day moving average. Below could put the November low in play near $112.50.
Top Stock Trades for Monday No. 3: Visa (V)
For years, Visa (NYSE:V) was a steady winner, grinding higher and higher as secular trends continued to propel its growth. However, the stock has been a bit choppier over the past year, as global consumption has waxed and waned.
On Friday, Visa took a hit, falling back below $217.35. Into a few key moving averages now, let’s see how the stock responds.
Do the 50-day and 100-day moving averages combine to support Visa and give it a bounce back over $217.50? Or are lower prices in store?
If it’s the former, let’s see if it can also reclaim the 10-day and 21-day moving averages.
If it’s the latter, I’d love to see a decline into the 200-day moving average and uptrend support (blue line). Below these measures puts the key 21-month moving average on deck, a level I like when it comes to the credit card companies.
Top Trades for Monday No. 4: Nano-X Imaging (NNOX)
We don’t talk about Nano-X Imaging (NASDAQ:NNOX) too much, but it’s become more of a talking point over the last month or two.
After back-to-back inside days, the stock is getting coiled up pretty tight. While holding its 10-day and 21-day moving averages, shares are struggling to push through the 100-day moving average.
It also has a wide weekly range. On the plus side, we can use that range for added direction.
Above the weekly high at $52.60, gives bulls a potential weekly-up rotation and puts NNOX over the 100-day moving average. That could put the 50-day moving average in play, followed a potential rally into the $60s.
On the downside, a break of this week’s low at $44.22 could put the $40 to $42 zone on the table. Below that and the March low is possible all the way down at $32.20.
On the date of publication, Bret Kenwell held a long position in NNOX.