4 Top Stock Trades for Friday: AMD, F, BODY, GOOGL

top stock trades - 4 Top Stock Trades for Friday: AMD, F, BODY, GOOGL

Stocks dipped again in morning trading — the trend over the last few weeks — but this time we saw a more robust rally in the afternoon. We’ll see if that’s enough to get bulls enticed or if the bears end up taking this one a bit further. With all of that in mind, let’s look at a few top stock trades for Friday.

Top Stock Trades for Tomorrow No. 1: Advanced Micro Devices (AMD)

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

On a daily chart, Advanced Micro Devices (NASDAQ:AMD) looks somewhat sloppy. However, on the weekly chart it looks much more controlled.

Shares finally burst through the $95 resistance zone and broke out over $100. Since then, it has been chopping around and it’s now finding support from the 10-week moving average.

Bulls of AMD stock can now be long against this week’s low. A move over $108 puts it above some of its shorter term daily moving averages (not shown) and opens the door back to $112. That keeps the $115 to $116 zone on the table, too.

On the downside, though, a break of this week’s low puts the $99 to $100 area in play, then the prior resistance zone near $95.

Top Stock Trades for Tomorrow No. 2: Ford (F)

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

Is Ford (NYSE:F) finally breaking out of its correction? The stock topped out in early June and it’s been a dull, boring and painful multi-month correction since.

We got our “12345” correction — or if you prefer, an “ABCDE” correction — down toward the 200-day moving average, although the stock never actually touched this key measure.

In any regard, its pushing higher this week, with two back-to-back strong sessions in a row. Ford pushed through the VWAP measure on Thursday, and is now contending with the 50-day moving average.

Above the latter, and we may see a resumption of the prior trend with the hope of seeing $16.50-plus in the next quarter.

On the downside, however, a move below $13 does not bode well for the bulls — putting $12.50 and the 200-day moving average in play.

Top Stock Trades for Tomorrow No. 3: Beachbody Company (BODY)

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

Beachbody Company (NYSE:BODY) jumped out today, with a big spike in the share price — up 14.5% — as well as volume. However, the stock is rallying right into trend resistance.

Those resistance points come from the 10-day and 21-day moving averages. As highlighted on the chart with blue circles, you can see how each rally to these marks has resulted in selling pressure.

Further, BODY stock is rallying into the key $7 to $7.20 area. This former level of support failed earlier this month, as shares ultimately bottomed closer to $6.

If BODY stock can clear the 21-day moving average, we could see a move up to $8 and the 50-day moving average. If it loses the 10-day moving average, though, this one could retest the $6.10 level — or lower.

Top Trades for Tomorrow No. 4: Alphabet (GOOG, GOOGL)

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

On the flip side, we have the 10-day and 21-day moving averages guiding Alphabet (NASDAQ:GOOGL, NASDAQ:GOOG) stock higher, as indicated on the chart.

Currently stuck within last week’s range — or should I say, Friday’s range — the charts for Google continue to get tighter and tighter. That said, it makes for a simple setup.

A move below last week’s low at $2,814 — thus, putting GOOGL stock below its 10-day and 21-day moving averages — puts the $2,765 breakout level and the 50-day moving average in play.

A break above $2,895 puts the all-time high on the table $2,925, followed by a potential push to $3,000.

On the date of publication, Bret Kenwell held a long position in AMD. 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/2021/09/4-top-stock-trades-for-friday-amd-f-body-googl/.

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