Stock ran to record highs on Monday ahead of what’s guaranteed to be a busy week. Multiple trillion-dollar companies report earnings, while stocks continue to grind higher. Let’s look at a few top stock trades.
Top Stock Trades for Tomorrow No. 1: Tesla
Tesla (NASDAQ:TSLA) stock has been trading well lately, now working on its tenth straight weekly gain. Consistent readers of this column know that we have been pounding the table on Tesla week after week, given its strong momentum and relative strength.
Earlier this month I called for Tesla to hit $1,000 a share and top a $1 trillion market cap. Well, we’re there now.
With today’s powerful candle, it’s hard to do much other than manage an existing position. That means raising our stop-loss and/or booking some profit.
On the upside, the 161.8% extension doesn’t come into play until the $1,120 area. On the downside, I’d love to see $1,000 act as support. If that’s too tight, the $880 to $900 area would be a good place for Tesla to find its footing, along with the 10-day moving average.
Top Stock Trades for Tomorrow No. 2: Facebook
Facebook (NASDAQ:FB) has been pretty volatile lately. We got that really nice bounce off the 200-day moving average earlier in the month. However, a bearish earnings report from Snap (NYSE:SNAP) weighed on Facebook last week.
Shares are again finding support at the 200-day moving average, but today’s earnings report will be the real deciding factor.
On a bullish post-earning reaction, let’s see if FB can reclaim the September low near $338, followed by the weekly VWAP measure. Above both marks puts last week’s high back in play near $344. Above that and the 50-day moving average is on the table.
On the downside, a break of this month’s low at $317.37 could put the $300 zone in play.
Top Stock Trades for Tomorrow No. 3: Bitcoin
Bitcoin (CCC:BTC-USD) has had the public’s attention ever since it made new highs last week. Following a quick correction to the 10-day moving average and $60,000 area, Bitcoin has found support.
It’s good to see it pushing higher now, putting the highs near $67,000 back in play. A move over that level opens the door to $70,000-plus, including $75,000 and potentially a longer term target up near $87,000 where the 161.8% extension comes into play.
On the downside, a break of $60,000 and the 21-day moving average could put $57,500 or lower on the table in the short term.
Let’s see if Bitcoin can get above and build above the prior all-time high of $64,900.
Top Trades for Tomorrow No. 4: SoFi Technologies
Why did we go with SoFi Technologies (NASDAQ:SOFI) during such a busy week? Honestly, the chart just stuck out to me over the weekend. I couldn’t get it out of my mind.
The stock exploded over $17.50 and the 200-day moving average, then plowed its way over $20. I have been a SoFi bull below $15 and those patient enough to stick with it have been rewarded.
However, downtrend resistance (represented by the blue line) has kept a lid on this one. From here, the setup is simple.
On the downside, a close below the 10-day moving average and $20 level opens the door to $18 and the 200-day moving average.
On the upside, I want to see a push above $21.25, then last week’s high at $21.78. That puts the June high on the table near $25.
On the date of publication, Bret Kenwell held a long position in SOFI. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.