After a couple-day pullback and a snooze-fest session on Thursday, stocks started to find some bullish life on Friday. We’ll see if that can continue into next week. Speaking of which, let’s look at a few top stock trades for Monday.
Top Stock Trades for Monday No. 1: Ethereum (ETH-USD)
As we look at the cryptocurrency market, it was another good week. Ethereum (CCC:ETH-USD) hit another new all-time high, but the gains have been much more measured than in the past.
Just look at how orderly the recent ascent has been. Ethereum has mostly ridden its 10-day moving average higher, although there have been some cracks below this measure during the run.
The longer ETH holds up over the prior high near $4,400, the more bullish it becomes. It all but hit our $4,900 target earlier this week, which is roughly the 161.8% extension. A move above that could put $5,000-plus in play.
On the downside, however, keep a close eye on channel support and the 21-day moving average. Both are currently running together and a break of these marks could put a retest of the former high on the table.
Below that, and $4,050 could be next.
Top Stock Trades for Monday No. 2: Alphabet (GOOG, GOOGL)
However, we had this one on watch before the open, following its inside day on Thursday as its range was completely contained within the prior day. Over around $2,951 gave us an inside-and-up rotation, as well as a move back over the key short-term moving averages.
That’s what we were looking for and I now want to see if GOOGL stock can climb back to $3,000 a share. A move to new highs could put $3,100 in play.
On the downside, though, a break of the $2,890 breakout level puts the 50-day moving average and uptrend support in play.
Top Stock Trades for Monday No. 3: Disney (DIS)
Disney (NYSE:DIS) shares were under pressure on Thursday and with good reason. The company missed on earnings, revenue and subscriber estimates. And honestly, I thought investors were lucky to see this name down just 1.5% on the day.
For what it’s worth, I love Disney as an investment. But as a trade, not so much.
While there were silver linings to Thursday’s action, the stock broke down too much from its key levels.
Disney stock is technically registering an inside day, so traders can trade this with a range break in either direction. An inside-and-up move could put prior range support in play at $169. Inside-and-down could land Disney at the gap-fill level near $157.50.
Below that, and the 21-week moving average is on the table.
Top Trades for Monday No. 4: Shopify (SHOP)
What a stunning move we saw in Shopify (NYSE:SHOP) on Friday, with shares up more than 12%. With the move, we’re getting a weekly-up rotation, leaving nothing but the all-time high in play at $1,650.
Should the bulls maintain control and break Shopify out to new highs, it could eventually put the 161.8% extension on the table near $1,800.
I’d hate to see Shopify fall this far, but let’s see if support comes into play near $1,550 to $1,575. If it does, the $1,650 high remains in play, along with the potential for new highs.
Despite a lofty valuation, this stock remains a continual winner.
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.