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)
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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)
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A popular reopening stock, Carnival Cruise (NYSE:CCL) has been volatile but methodical. Notice the way it trades between its key retracements, while respecting prior support and resistance zones.
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)
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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)
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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.
Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell.
