Stocks are trying to push higher amid a busy stretch of earnings season and another Fed announcement. That said, let’s look at some top stock trades.
Top Stock Trades for Tomorrow No. 1: Ford (F)
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Ford (NYSE:F) reported earnings after the close, and the stock has been taking a breather. Shares exploded higher from the May lows at $11.15 up to a recent high just above $16.
Now trading just under $14, investors want to know what’s next: $11 or $16-plus?
On the downside, bulls must keep an eye on the 21-week moving average. A break of that level could usher in a retest of last week’s low at $12.79. Below that and $12 or lower could be on the table.
On the upside, though, I’m looking for a move over $14 and back up to the 161.8% extension just above $15. Above that level opens up the high at $16.45 and potentially puts the 261.8% extension on the table.
Top Stock Trades for Tomorrow No. 2: Shopify (SHOP)
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Shopify (NYSE:SHOP) is struggling to rally on earnings, but it’s not really breaking down either. Shares fell just over 1% on Wednesday.
For now, Shopify is holding the $1,500 level. This was the prior high in February, while the 21-day moving average comes into play near this level too.
If Shopify closes below Wednesday’s low, then that may open it up to a test of the July lows near $1,400 and the 50-day moving average.
On a rotation over the post-earnings high, $1,600 is in play, followed by a retest of the highs near $1,650. Above that, and the 161.8% extension may act as a longer term target.
Top Stock Trades for Tomorrow No. 3: Microsoft (MSFT)
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Microsoft (NASDAQ:MSFT) isn’t giving traders much to work with despite reporting earnings. Shares are flat and wavering on the day, as it continues to hold the 10-day moving average.
Should that change and the stock drops below the 10-day, then we could see a quick dip down to the gap-fill area around $281.50, as well as the 21-day moving average.
Below that, and a larger correction could send shares down to the $271.50 gap-fill level, as well as the 50-day moving average.
On the upside, however, we have pretty clear resistance near $290. A move above that mark puts the more obvious $300 level in play.
Top Trades for Tomorrow No. 4: Pfizer (PFE)
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Pfizer (NYSE:PFE) is hitting a one-year high after reporting earnings.
Last week, shares were able to break out over the $41 mark. Amid the current run, shares are up for five-straight days, up nine of the last 11 and up 11 of the last 14 sessions.
Now clearing $43, bulls would love to see this level act as support. Below puts the 10-day moving average and potentially the $41 level back in play.
On the upside, though, let’s see if Pfizer can get to the $45 to $46 level. Above that puts $49 to $50 on the table.
Top Trades for Tomorrow No. 5: Tilray (TLRY)
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Last but not least, we have Tilray (NASDAQ:TLRY), which jumped by almost 26% on the day.
For the most part, shares held the $13.40 level and are now rocketing higher. Running into the 200-day moving average now, let’s keep an eye on this one. If it continues to press higher, watch $17.42 and the 21-week moving average.
Not only would clearing that level put TLRY stock over the 50-day and 200-day moving averages, but it would also put Tilray above the July high. That opens the door to the $22.50 to $23 area.
If shares are rejected from the $16 to $17.50 area, see if the stock holds the 10-day moving average.
On the date of publication, Bret Kenwell did not have (either directly or indirectly) any positions in the securities mentioned in this article. 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.
