4 Top Stock Trades for Tuesday: NNOX, ETSY, MARA, CGC

top stock trades - 4 Top Stock Trades for Tuesday: NNOX, ETSY, MARA, CGC

The S&P 500 burst to new all-time highs as tech stocks get their groove back. That said, let’s look at a few top stock trades as we kickoff the week.

Top Stock Trades for Tomorrow No. 1: Nano-X Imaging (NNOX)

Top stock trades for NNOX
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Source: Chart courtesy of TrendSpider

We have been bullish on Nano-X Imaging (NASDAQ:NNOX) for a little while now, even though it’s been pretty volatile. Monday’s movement isn’t any less volatile, it just happens to be to the upside.

Shares opened north of $60 but had trouble maintaining those gains. Ultimately the stock pulled back below $50, but found its footing near the 10-week moving average.

Ideally, bulls will see this name push north of the March high at $52.60, then clear the 50-day moving average. If it can do that, $60 to $64 is back in play, followed by those pre-market highs north of $70.

On the downside, however, a loss of the 10-week moving average puts the 10-day and 21-day moving averages in play — followed by a gap-fill toward $43.70.

Top Stock Trades for Tomorrow No. 2: Etsy (ETSY)

Top stock trades for ETSY
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Source: Chart courtesy of TrendSpider

Etsy (NASDAQ:ETSY) are getting hit on Monday, but this stock has held up pretty well amid the growth-stock selloff.

Sinking into the 21-week moving average, Etsy stock finds itself at an interesting point. The technicals paint a very clear roadmap.

On the one hand, we’re seeing a decline into a key area, with support coming into play around $190, along with the 21-week and 100-day moving averages. A daily close below this zone could lead to more downside, potentially putting the March low in play just below $180.

On the flip side, though, we bulls need to see shares clear the 50-day and 21-day moving averages on the upside. That will put downtrend resistance (blue line) in play, followed by the $225 to $230 area.

Above that area puts $250 back in play.

Top Stock Trades for Tomorrow No. 3: Mara Digital Holdings (MARA)

Top stock trades for MARA
Click to Enlarge
Source: Chart courtesy of TrendSpider

Mara Digital Holdings (NASDAQ:MARA) is catching a nice boost to new highs as cryptocurrencies also make their way higher.

On Wednesday, Mara paused near its prior highs and the $50 level. On Thursday — the last trading day of last week — it tried to close above these marks but again, it couldn’t.

It will on Monday, though. Shares pushed higher on the day, as investors look for a possible rally to the 161.8% extension up near $65. To get there, they will likely need to see the crypto space remain strong.

On the downside, however, I’d love to see the $49 to $50 area become support. To see resistance turn to support is a very bullish development.

Top Trades for Tomorrow No. 4: Canopy Growth (CGC)

Top stock trades for CGC
Click to Enlarge
Source: Chart courtesy of TrendSpider

Canopy Growth (NASDAQ:CGC) is a great highlight in non-biased trading. Look at how tight the weekly chart has gotten for this stock lately.

Last week, CGC stock gave investors an inside doji week, with last week’s range completely contained within the prior week’s range.

Furthermore, it’s trapped between the 10-week and 21-week moving averages.

Should CGC stock give us a weekly-down rotation below $30.70 and the 21-week moving average, bears will be inclined to short. If it gives us a weekly-up rotation over $33.39 and the 10-week moving average, bulls will look to jam the stock up toward $35 and potentially up to the March high around $37.

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.


Article printed from InvestorPlace Media, https://investorplace.com/2021/04/4-top-stock-trades-for-tuesday-nnox-etsy-mara-cgc/.

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