4 Top Stock Trades for Monday: Shiba Inu, NVDA, X, SBUX

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top stock trades - 4 Top Stock Trades for Monday: Shiba Inu, NVDA, X, SBUX

Stocks held up incredibly well on Friday considering that Apple (NASDAQ:AAPL) and Amazon (NASDAQ:AMZN) both traded lower on earnings. Mind you, the two combine for $4.25 trillion in market capitalization. With that being said, let’s kick off next week with some top stock trades to watch.

Top Stock Trades for Monday No. 1: Shiba Inu (SHIB-USD)

Daily chart of SHIB
Click to Enlarge
Source: Chart courtesy of TradingView

Obviously, Shiba Inu (CCC:SHIB-USD) has taken Wall Street by storm. The crypto was consolidating in a tightening range, which put it on our radar before it more than tripled in just a few days.

SHIB exploded over the prior high and ripped right through the 161.8% extension at 0.000061 cents and nearly high 0.00009 cents. Now, though, SHIB is building again, giving us an inside day on Friday.

If it can clear the recent highs and top 0.00009 cents, it could open the door to the 261.8% extension.

I know measuring fractions of a cent seems kind of stupid, but hey — money’s money. Treat this like a lotto if you’re so inclined to trade it and know that it can absolutely get obliterated.

The first red flag is a break of 0.00006 cents. The second red flag is a failure to hold the 10-day moving average.

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

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

Earlier this month, we spotted the weekly rotation in Advanced Micro Devices (NASDAQ:AMD), which had us watching Nvidia (NASDAQ:NVDA) for a similar move. We got that and more, as the stock absolutely exploded higher to our $250 price target.

After that, NVDA stock gave us back-to-back inside days, as the range continued to tighten. With Friday’s move, shares burst through $250 and hit new all-time highs again.

If Nvidia can stay above $250 to $252, it could put the two-times range extension in play up near $265. Above that could open the door toward $287.

On the downside, this stock will eventually have to reset. In that case, keep an eye out for a test of the 10-day moving average. More aggressive traders can use the 8-day moving average or the 10-unit moving average on the four-hour chart.

Top Stock Trades for Monday No. 3: U.S. Steel (X)

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

U.S. Steel (NYSE:X) is reacting well to earnings, popping higher on the day. However, there is some concern with this stock if it can’t build on the gains.

Should shares actually pull back, I want to see the 50-day, 200-day and daily VWAP measure combine for support. If that’s the case, bulls can buy the dip. If support fails, $20.50 range support is in play, along with the 50-week moving average.

On the upside, however, let’s see if this can now power higher to range resistance near $29.50 to $30.

Top Trades for Monday No. 4: Starbucks (SBUX)

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

Unlike U.S. Steel, Starbucks (NASDAQ:SBUX) is having a bearish post-earnings reaction.

The stock broke below its major moving averages and the key $109.50 support level. On the plus side, it’s still holding its channel support mark, but bulls need more than that to get excited.

To get long, a reversal trade would be nice — such as an open below Friday’s low and a reclaim of that mark. However, would it be so bad to let this one drift down toward the $99 to $100 area to buy the dip?

I don’t think so.

If Starbucks does bounce from here, see how it handles $109 to $110. Above that puts the 200-day moving average in play.

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

Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell.


Article printed from InvestorPlace Media, https://investorplace.com/2021/10/4-top-stock-trades-for-monday-shiba-inu-nvda-x-sbux/.

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