As we near the end of the week, we’ve seen some bumpy but ultimately rewarding price action. Bulls enjoyed a strong finish to the week as the S&P 500 sits just below all-time highs. That said, let’s take a look at some of the top stock trades for Monday.
Top Stock Trades for Monday No. 1: Ford (F)
Ford (NYSE:F) has been trading well the past few days following the unveiling of its new electric F-150 Lightning. Shares are closing in on the prior 52-week highs as a result.
This week’s move gave investors a huge push over the 61.8% retracement after reclaiming the 10-week moving average. On the downside, we need to see these measures act as support to keep the long thesis intact.
Ford price action looks like a multi-month bull pennant consolidation. If it continues higher, look to see if it can push through $13.62. If it can, look for a potentially longer-term target of about $15, where the 161.8% extension comes into play.
Top Stock Trades for Monday No. 2: Nvidia (NVDA)
Nvidia (NASDAQ:NVDA) spiced up our Friday, announcing that the board had approved a 4-for-1 stock split. The news sent shares climbing on the day, ultimately giving bulls a weekly-up rotation.
I wouldn’t say Nvidia isn’t out of the woods, because it does look much better if it can close weekly-up and above prior range resistance near $590. However, if it loses these marks, it’s possible we revisit the two-week low near $538 to $540.
Over $600 and I think bulls have to keep $648 in mind. If we can get some pre-earnings momentum along with some pre-split momentum, $668 isn’t out of the question — the 161.8% extension.
Above that, and perhaps a longer-term target of $700 to $715 is within reach. It might take a post-earnings rally to get us there, though.
Top Stock Trades for Monday No. 3: Foot Locker (FL)
Foot Locker (NYSE:FL) is up about 2% on earnings, but is somewhat mixed on the day as it sports a wide trading range.
This stock has enjoyed a strong uptrend for many months now, riding its 50-day and 10-week moving averages higher. It now continues to hold up over the $59 to $60 breakout area.
On a dip, bulls need this zone to hold as support, as there are so many key measures here. Otherwise, if it loses these marks, it signals a change in tone. That could put the $55 level in play, along with the 21-week moving average.
On the upside, though, we need to see the stock take out its 21-day and 10-day moving averages. Above the post-earnings high puts the gap-fill level in play at $63.88. Above that, and the recent high near $66.60 is on the table.
Top Trades for Monday No. 4: Virgin Galactic (SPCE)
Virgin Galactic (NYSE:SPCE) popped on Thursday, but faded hard from the highs. However, the stock held its 21-day moving average by the close. Phew.
We had an inside day on Friday, despite the stock being up more than 6%. If we get an inside-and-up day on Monday, investors will have their focus on $24.
A short-squeeze and/or buying from momentum traders could get SPCE stock there, followed by a potential test of the cluster of major moving averages just above that area.
On the downside, watch for a break of the 10-day and 21-day moving averages. That could put a gap-fill in play toward $17.27 on the table. If that doesn’t draw in buyers, $15 could be next.
For now, though, momentum favors the bulls.
On the date of publication, Bret Kenwell held a long position in NVDA. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.