It was a quiet Monday, as we kick off the first of four quad-witching weeks of 2021. The next one won’t be until June. That said, let’s look at a few top stock trades as we start the week.
Top Stock Trades for Tomorrow No. 1: AMC Entertainment (AMC)
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AMC Entertainment (NYSE:AMC) has been in focus for a few months now, particularly after the Reddit hoopla and then earnings last week.
Shares reclaimed the key $7.50 mark and have been riding the 10-day moving average higher. With those observations in place, bulls have had momentum on their side.
However, there were some tricky overhead levels to keep an eye on. The first was the gap-fill mark at $12.91, which AMC pushed through on Monday. Then there’s the 61.8% retracement near $14.60, which the stock almost tagged in the same session.
Let’s keep an eye on it now. If AMC stock starts to fade, keep an eye on the gap-up level from Friday, near $11.40. Below puts the 10-day moving average in play.
On the upside, look for a push over the 61.8% retracement, then a sustained move over $15.
Top Stock Trades for Tomorrow No. 2: Lordstown Motors (RIDE)
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Lordstown Motors (NASDAQ:RIDE) has been struggling, as the stock has been more than cut in half over the last month.
Just as shares almost hit the September high at $31.80 last month, they almost hit the November low this month. Bouncing now, and RIDE stock is coming into a key area.
In the $17 to $18.50 area, it finds the 50-week, 200-day and 10-day moving averages. If it can push through there, perhaps $20-plus is possible, with the 100-day moving average in play above that.
On the downside, though, keep an eye on last week’s low. A move below puts $12.80 back in play — the bottom of the range.
Top Stock Trades for Tomorrow No. 3: Golden Nugget Online Gaming (GNOG)
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Like Lordstown, Golden Nugget Online Gaming (NASDAQ:GNOG) has been crushed from its highs. However, the stock was able to secure a low, reclaim the 200-day moving average and break out over downtrend resistance.
So, what now?
Well, shares are at a huge prove-it spot, near $18. Now only is it running head-on into the 50-day and 100-day moving averages, but it’s also hitting a key level.
Above $18.12 could put the 61.8% retracement in play near $21.50. However, if it’s unable to push through this mark, lower prices may be in store. That could mean a retest of the 10-day moving average, which is trending higher, or even a dip down to the 200-day moving average.
Top Trades for Tomorrow No. 4: Churchill Capital Corp IV (CCIV)
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Last but not least is Churchill Capital Corp IV (NYSE:CCIV). This stock was a Wall Street darling not long ago, but then plunged 38.6% on Feb. 23, annihilating the bulls in a single session.
CCIV stock went on to decline in six of those seven sessions, ultimately putting in a decent bottom near $21. Since then, the recovery hasn’t been too bad.
On Monday, shares are clearing the 10-day and 50-day moving averages, while going daily-up and weekly-up. Next up? $30. Above that could put the close from that huge doji day where shares fell 38% in play, (the close was at $35.21).
On the downside, however, a break of the 50-day moving average could put the March low back 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.
Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell.
