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5 Top Stock Trades for Tuesday: SOFI, LUV, TSLA, T, OCGN

top stock trades - 5 Top Stock Trades for Tuesday: SOFI, LUV, TSLA, T, OCGN

After a brief pop higher, stocks slid modestly on Monday as investors gear up for the FOMC announcement on Wednesday, along with the start of earnings season. With all of that in mind, let’s look at a few top stock trades.

Top Stock Trades for Tomorrow No. 1: SoFi Technologies (SOFI)

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

What a move we’re getting in SoFi Technologies (NASDAQ:SOFI), which jumped 13.5% on Monday. The stock cleared multiple key levels on the day.

Hurdling the 200-day moving average as it goes monthly-up over the September high at $18.08, and bulls are eying more upside.

Specifically, they are likely watching the $20 level and the 61.8% retracement. Above these levels opens the door to a stronger run on the upside, potentially all the way up to the $25 area.

On the downside, however, a drop below $17.50 could put more selling pressure in play and potentially a test of the 21-day moving average.

Top Stock Trades for Tomorrow No. 2: Southwest Airlines (LUV)

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

Southwest Airlines (NYSE:LUV) got its fifth-straight daily decline on Monday, and has been in the news due to all of its cancelled flights.

For now, the 21-day moving average is acting as support, while the 10-day is acting as resistance. However, this one is somewhat straightforward.

On the downside, I want to see LUV stock hold the 200-week and 50-day moving averages. A drop below these marks puts $50 in play. Below that, and the $47.50 area is on the table.

On the upside, however, look for a move above the 200-day moving average. Above that puts the 50% retracement in play.

Top Stock Trades for Tomorrow No. 3: Tesla (TSLA)

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

While it’s been a quiet name lately, Tesla (NASDAQ:TSLA) continues to trade really well in my opinion.

Look at the action in this one, as Tesla has made it a pattern to trade up to a certain level, consolidate below it, then break out to a new range. Most recently, Tesla broke out past $763, a level that then became support.

Now shares are consolidating just below $800. If it can break out over this level again, the 78.6% retracement near $823 could be in play. Above that, and $880 may be on the table.

On the downside, though, a move below $781 puts the 21-day moving average and the prior breakout level at $763 in play.

Top Trades for Tomorrow No. 4: AT&T (T)

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

It’s not a good day for AT&T (NYSE:T) or Verizon (NYSE:VZ), but we’re going to focus on the former rather than the latter.

The stock is now hitting its Covid-19 low and the price action has been terribly disheartening. With this week’s action, AT&T is breaking below uptrend support (purple line) and threatening to make new post-coronavirus lows. Not many stocks are in that predicament.

On upside, we can get a decent risk/reward in AT&T stock with a break of $26.10. Should the stock break below this level and then reclaim it, bulls can use the new low as their stop-loss and look for a rebound higher.

Top Trades for Tomorrow No. 5: Ocugen (OCGN)

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

Despite the nice pops higher, Ocugen (NASDAQ:OCGN) continues to fail when it comes to generating sustainable upside momentum.

In fact, downtrend resistance (purple line) continues to keep a lid on OCGN stock.

With Monday’s rally, Ocugen is reclaiming a number of key moving averages, although downtrend resistance remains in play. Above this mark is a positive development, but to gain more momentum, OCGN stock needs to clear $8.

Above $8 opens the door to $9.35, then $10, then $11.05.

On the downside, however, a move below the 200-day puts $6.75 in play. Below that, and we may see $6.

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.


Article printed from InvestorPlace Media, https://investorplace.com/2021/10/5-top-stock-trades-for-tuesday-sofi-luv-tsla-t-ocgn/.

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