Another day, another round of all-time highs. I’m not sure when this run will cool off, but it would be healthy price action for a breather. With that in mind, let’s look at a few top stock trades going into Friday.
Top Stock Trades for Tomorrow No. 1: Ethereum (ETH-USD)
The more time Ethereum (CCC:ETH-USD) spends above its prior all-time high (the $4,400 level), the more bullish it becomes. More specifically, the better the odds become that Ethereum ultimately pushes up to the $4,900 to $5,000 area.
Near that zone, Ether finds the 161.8% extension of the current range. However, the current setup isn’t all that bad either.
The stock was finally able to break out to new highs. However, Ethereum is struggling for short-term momentum. That’s actually just fine.
More than an unrelenting run to the upside, I’d love to see a dip to the 10-day moving average and prior breakout highs near $4,400. If this area is support, it will boost our confidence that Ethereum can rally to our next upside target range.
Top Stock Trades for Tomorrow No. 2: Uber (UBER)
Uber (NYSE:UBER) has been somewhat mixed on the trading front and investors are going to look at earnings to create a more well-defined situation.
Earlier this month, shares bounced hard off the $42.25 area and the 21-month moving average.
Should we get a bearish post-earnings reaction, I want to see if this area — in combination with the second-quarter low at $43.17 — will act as support. If it does, the bulls have a dip-buying opportunity.
Below $42.25, and the stock may go on to fill the gap down at $40.22. That’s followed by the Q3 low near $39.
On the upside, however, let’s see if Uber can clear resistance between $48 to $48.50, followed by the 200-day moving average and $50 level.
Top Stock Trades for Tomorrow No. 3: Penn National Gaming (PENN)
Penn National Gaming (NASDAQ:PENN) got crushed today, down a little more than 21% in the session.
The move thrust shares below the 21-month moving average, which was support earlier this summer. Now below the Q3 low near $61, more downside could be in play.
Specifically, the low $50s are on the table. Below that, and the $45 level is in play. Near that mark, the stock will find the 200-day moving average and the 161.8% downside extension.
On the upside, though, bulls can justify a long position in the name back above $61.
Top Trades for Tomorrow No. 4: Qualcomm (QCOM)
On the flip side of the earnings situation, Qualcomm (NASDAQ:QCOM) stock jumped nearly 13% on the day. The reaction will all but surely give QCOM stock its fourth-straight weekly gain.
It helped propel shares over the 10-week, 21-week and 50-week moving averages, as well as the Q3 high up near $152.
From here, the levels are pretty well-defined.
Below the Q3 high and bulls have to be careful, making sure QCOM stock doesn’t lose $150. Below $150, and we could see a larger fade.
On the upside, however, keep an eye on the $161.80 level, where there’s a large gap-fill level. Above that puts $167 resistance in play. If Qualcomm can clear that resistance area, then we can start talking about some extension levels to new highs. But let’s go one step at a time.
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.