The markets continue to dance around all-time highs as we key in on an end-of-quarter trading session. As we look toward the third quarter and the second half, let’s check out a few top stock trades for Thursday.
Top Stock Trades for Tomorrow No. 1: Roku (ROKU)
Man, I don’t know what to say about this stock other than I am thoroughly impressed. The rebound in Roku (NASDAQ:ROKU) has been insane, with the stock up for 10-straight sessions and more than $120 per share in that rally. It’s up almost 40% during this run.
Shares paused at the gap-fill level near $434, then burst over this measure and held the $434 level as support. Now over $450 in impressive fashion, let’s see if this stock can push up to the $485 area, where its prior highs reside.
On the dip, I want to see the 10-day moving average hold as support. Below that, and the $390 to $400 zone is on the table.
Top Stock Trades for Tomorrow No. 2: Churchill Capital (CCIV)
Churchill Capital (NYSE:CCIV) is ending the month and the quarter on a strong note, up about 7% on the day. Shares are also trading up into the June high near $27.88.
As we enter July, will CCIV give bulls a quick monthly-up rotation by clearing the June high? It may, especially if electric vehicle (EV) stocks and growth names garner momentum. In that scenario, $30-plus could easily be on the table.
On the downside, bulls want to see the 21-day moving average continue acting as support. A break could put the 50-day moving average on the table.
Top Stock Trades for Tomorrow No. 3: Dow Jones Industrial Average
In either case, the setup is starting to look pretty attractive. The Dow went daily-up at one point on Wednesday, but continues to hover near Tuesday’s high. The bigger level is last week’s high.
For the futures, that’s at 34,385 and for the DIA, that’s at $344.98.
We’ve seen new all-time highs in Nasdaq and the S&P 500, so is it now the Dow’s turn? It helps that it dipped to the 10-week moving average and bounced this week. That’s after the DIA found support at the 21-week moving average and then reclaimed the 10-week moving average last week.
All in all, a weekly-up rotation could put the $350 level in play for the DIA. For the futures, 34,750 is an area of interest, followed by the all-time high at 35,000. Above that and we could be looking at some key extensions going forward.
Top Trades for Tomorrow No. 4: Airbnb
Airbnb (NASDAQ:ABNB) gave bulls something to cheer about on Wednesday, when it put in a bullish engulfing candle and reclaimed the 50-day moving average. However, the 10-week moving average has been resistance too and so far, it’s causing the stock to stall.
Airbnb needs to clear this measure to keep the run alive. If it does, it could put the $165 level in play, followed by the 50% retracement.
On the downside, keep the $144 level in mind. Below that and ABNB will be below a key support level and all of its short-term moving averages.
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.