After Wednesday’s Fed meeting and before tomorrow’s quadruple witching expiration, we’ve had a lot of big moves taking place on Thursday. That said, let’s look at some of the charts for our top stock trades.
Top Stock Trades for Tomorrow No. 1: Advanced Micro Devices (AMD)
Advanced Micro Devices (NASDAQ:AMD) has been trading sideways for a while now. However, it finally gave bulls something to cheer about on Thursday.
Shares jumped about 6% on the day and grinded near its highs all session. The stock has been consolidating all month, as it holds up over the 50-day and 10-day moving averages.
With Thursday’s burst, AMD stock is now back above the 200-day moving average as well. If it can continue higher, I want to see how the stock handles the $88 to $89 area, as well as downtrend resistance (blue line). A move above that area puts $90-plus in play.
On the downside, I don’t want to see this name lose the 200-day moving average or $82.50. Below both and its recent consolidation range could be back in play, or lower.
As of now, we have a monthly-up rotation in AMD.
Top Stock Trades for Tomorrow No. 2: Nvidia (NVDA)
Sticking with the same group, Nvidia (NASDAQ:NVDA) hit new 52-week highs in the session. Shares have been on fire — there’s no other way to put it.
The stock slipped a bit from $750, but if Nvidia can take out this week’s high, the $765 area may be in play. Above that, and $800 can’t be ruled out.
That would take the stock to $200 post-split (scheduled for July).
For longer-term bulls, they may target the $825 to $860 area on the upside. That marks the 161.8% extensions from various ranges over the past few quarters.
On the downside, I want to see an eventual test of the 10-day moving average hold as support, hopefully giving bulls a dip to buy.
Top Stock Trades for Tomorrow No. 3: Silver ETF (SLV)
Silver and gold have been getting smacked around lately, as the former gapped down on Thursday. That’s shown via the iShares Silver Trust ETF (NYSEARCA:SLV).
So where to from here?
For the SLV, it gapped down right into the 200-day moving average, which is holding as support for now. On a move over Thursday’s high, see if the SLV can rebound to the 50-day moving average. Above that and it can fill today’s gap up at $25.25.
On the downside, a break of Thursday’s low could put the $23.30 to $23.60 area in play, where there are a few gaps, but also the 50-week moving average. Keep in mind, the gaps in the SLV are caused by the silver futures, which have different trading hours.
Top Trades for Tomorrow No. 4: Adobe Systems (ADBE)
Shares went on a three-dip rip before topping out earlier this week. Now consolidating, which way will this one go?
If the stock rallies, I want to see ADBE stock clear the 161.8% extension and the $560 measure, opening the door for a move up toward the $608 to $615 zone.
On the downside, I want to see the 10-day moving average act as support. If that’s asking for too much, then I want to see a dip to the $525 breakout area hold.
On the date of publication, Bret Kenwell held a long position in AMD and NVDA. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.