Today felt like a slow middle-of-summer trading session, with the indices slowly chopping around and the S&P 500 near all-time highs. Let’s look at a few top stock traders for Thursday.
Top Stock Trades for Tomorrow No. 1: Dogecoin (DOGE-USD)
Cryptocurrencies have been all over the map and Dogecoin (CCC:DOGE-USD) is no exception to this observation. While Bitcoin (CCC:BTC-USD) and others firmed up Tuesday amid what looked to be a potential breakdown, the group isn’t out of the woods quite yet.
When I look at the daily chart for Dogecoin, I see the stock below its short-term moving averages. I also see a stock that’s failing to reclaim a prior support zone and is being pressured lower by its 10-day moving average.
Should Dogecoin reclaim both measures, see how it handles the 30-cent level, should it get there.
On the downside, I’d love to see the crypto hold its 21-week moving average. If it doesn’t and Dogecoin falls back below 20 cents, we could be looking at a retest of the lows and a dip to the 200-day moving average.
Top Stock Trades for Tomorrow No. 2: Carnival Cruise (CCL)
Earlier this month, Carnival pushed through the 50% retracement, but couldn’t clear the $31.50 level. Now holding steady along the 50-day moving average, we’re waiting for a deeper pullback or confirmation via a rotation higher.
If it’s the former, look for a dip to the 21-week moving average. That should buoy the stock, but if it doesn’t, the 50% retracement could be retested.
If it’s the latter, aggressive bulls at least need a close above the 10-day moving average. More conservative bulls will want a close above the 50% retracement, putting the $31.50 level in play. Above that could unlock the 61.8% retracement.
And oh yeah, CCL reports earnings on Thursday.
Top Stock Trades for Tomorrow No. 3: Twitter (TWTR)
Coming into Wednesday, it was a shaky look for Twitter (NYSE:TWTR). Today, the stock looks better.
Coming into the session, we were up against a gap-fill near $64 and downtrend resistance (blue line). The stock was also running into its 21-week moving average.
All of these levels could have combined to act as resistance. Instead, Twitter pushed through and it’s impressive. Now pushing higher, I want to see if the stock can climb to the 61.8% retracement at $68.70. Above that puts $70-plus in play.
On the downside, look to see that the stock holds above $64 and the 21-week moving average until the 10-day moving averages catches up.
Top Trades for Tomorrow No. 4: Roku (ROKU)
Roku (NASDAQ:ROKU) has been on fire, there’s no other way to put it. The stock has marched higher for five straight sessions, climbing more than 26% in that span. One could argue that it didn’t deserve to fall that much in the first place, but what’s done is done.
From here, the navigation gets a little tricky. After such a run, it’s hard to be long Roku unless it was bought from a much lower price. If it does continue higher, I have the $434 level on watch for a potential gap-fill.
If we do get a dip, see how the $395 to $400 area does as support. Below puts the 10-day moving average in play. A correction of anything in between this range — the 10-day to $400 — would be incredibly healthy and help setup a move back above $450.
On the date of publication, Bret Kenwell held a long position in ROKU. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.