5 Top Stock Trades for Tuesday: Bitcoin, NVDA, PINS, XLF, DIS

Top stock trades - 5 Top Stock Trades for Tuesday: Bitcoin, NVDA, PINS, XLF, DIS

Stocks pushed to new all-time highs ahead of the beginning of earnings season. That said, let’s look at a few top stock trades as we push into mid-July.

Top Stock Trades for Tomorrow No. 1: Bitcoin (BTC-USD)

Top stock trades for Bitcoin
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Source: Chart courtesy of TrendSpider

Bitcoin (CCC:BTC-USD) has been meandering along, completely lacking momentum. It continues to struggle with its 21-day moving average and remains below its 50-day moving average.

Turning lower on Monday, the 50-week moving average and the $30,000 to $31,000 area remain critical. As we have pointed out before, this area has been key support.

Below that will put the June low in focus at $28,600. A move below that could create a liquidation break lower. Does that put the $20,000 area in play? It certainly could (although it doesn’t mean it will).

On the upside, we really need to see this one gain some steam via rotation. Either through a weekly-up or a monthly-up rotation and I really want to see it above the 50-day moving average.

Until then, though, don’t force any poor trades. For my style, I either need a rotation higher or a deeper pullback.

Top Stock Trades for Tomorrow No. 2: Nvidia (NVDA)

Top stock trades for NVDA
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Source: Chart courtesy of TrendSpider

It took a couple of days for Nvidia (NASDAQ:NVDA) to find its footing, but it did exactly what we were looking for. That is, it held the 10-day moving average after a monster run.

From here, I have the $825 measure in mind, followed by the $833 to $835 zone. Above that puts $850 in play, then $860, which is the 261.8% extension of the larger range.

On the downside, keep an eye on the 10-day moving average. Below puts last week’s low in play near $788. Below that and the 21-day moving average is in play.

Top Stock Trades for Tomorrow No. 3: Pinterest (PINS)

Top stock trades for PINS
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Source: Chart courtesy of TrendSpider

While the market hit new highs on Monday, Pinterest (NYSE:PINS) didn’t do quite as well. Instead, the stock fell about 4.5%.

However, that gave us a really clean, really simple setup. The stock is dipping down to the 10-day moving average. Slightly below is the 21-week moving average. I think PINS stock should find some support in this area, somewhere between $71.25 and $72.50.

A break of these moving averages could put the 50-week moving average in play in the mid-$60s. A rebound puts $80-plus back in play.

Top Trades for Tomorrow No. 4: SPDR Financial ETF (XLF)

Chart of the XLF ETF
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Source: Chart courtesy of TrendSpider

I wanted to look at the Financial Select Sector SPDR Fund (NYSEARCA:XLF) as bank stocks look to kickoff earnings season. This one is interesting.

During its strong run, the 10-week and 50-day moving averages were support. Once failed, though, we saw the 50-day moving average turn to resistance and the 21-week moving average became support.

With Monday’s move higher, shares are rallying right into the 50-day.

After earnings, I want to see if the XLF can clear $37.50 and regain the highs. If it can do that, the 161.8% extension looms large near $40. On the downside, watch the 10-day and 21-day moving averages. Below puts the 21-week moving average in play. Below that, and the June low is on the table at $35.18.

Top Trades for Tomorrow No. 5: Disney (DIS)

Top stock trades for DIS
Click to Enlarge
Source: Chart courtesy of TrendSpider

Disney (NYSE:DIS) topped in early March and has been trending lower ever since. For weeks now, Disney has been trapped below the 10-week moving average. With Monday’s pop though, Disney is clearing this resistance level.

The 10-week moving average continues to act as support, too.

From here, we want to see Disney clear the 21-week moving average. Above that opens the door to the 61.8% retracement of the current range, up near $189. Above that, and $200 is on the table.

On the downside, keep an eye on the 10-day moving average. Below that, and the 10-month moving average is back in play, along with the $168 mark.

On the date of publication, Bret Kenwell held a long position in NVDA and PINS. 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.


Article printed from InvestorPlace Media, https://investorplace.com/2021/07/5-top-stock-trades-for-tuesday-bitcoin-nvda-pins-xlf-dis/.

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