4 Top Stock Trades for Thursday: Shiba Inu, AMD, COIN, F

top stock trades - 4 Top Stock Trades for Thursday: Shiba Inu, AMD, COIN, F

Stocks again forged to all-time highs on Wednesday. The move came after the Fed said it would not raise interest rates, but would begin a gradual taper. It was enough to spur stocks higher after the news. With that in mind, let’s look at a few top stock trades.

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

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

Shiba Inu (CCC:SHIB-USD) remains at the forefront of cryptocurrency investors’ radar, as it gives us a bull flag consolidation pattern after a monstrous rally.

We were looking for the upside move, but I’ll be honest, I did not expect such a robust rally in such a short period of time. The setup gets interesting now, though.

As SHIB dips down into its 10-day moving average, bulls are curious whether it will act as support. However, perhaps more important is the 0.0000573 level. A break of that mark could quickly put the 21-week moving average in play.

On the upside, though, clearing wedge resistance could put the high in play at 0.0000887. Over that opens the door to the 261.8% extension near 0.0000965.

Top Stock Trades for Tomorrow No. 2: Advanced Micro Devices (AMD)

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

What a beast Advanced Micro Devices (NASDAQ:AMD). As much as I hate beating the same drum so often, it’s hard to keep the winners off our list of go-to stocks.

We were buyers of AMD after patiently waiting for a retest of the 10-day moving average near $119. Three days later, and the stock is north of $130 and above the post-earnings highs.

If it can stay above $127 — and ideally, $130 — the 161.8% extension could be on the table near $136.50.

On the downside, however, a break of $127 could put the 10-day moving average back in play, along with the $122.50 level.

Top Stock Trades for Tomorrow No. 3: Coinbase (COIN)

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

Coinbase (NASDAQ:COIN) has been an awesome long holding lately, with shares exploding over the $294 level, then holding this level on the dip.

Now climbing, the 61.8% retracement acted as resistance on Tuesday. If Coinbase can take this level out and clear $350, it should open the door for a possible push to the 78.6% retracement to the $380 to $383 area.

On the downside, though, let’s see how the 10-day moving average does as support. Below it could put the $294 breakout level back in play.

Top Trades for Tomorrow No. 4: Ford (F)

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

Last but not least is another favorite: Ford (NYSE:F). Shares continue to boom to multi-year highs as the company continues to deliver good news.

Ahead of earnings, Ford stock endured a four-day decline. It then gapped above the prior 2021 high at $16.45. Since then, Ford hasn’t given bulls even day in the red.

Shares cleared our first target near $17.50 are now approaching the 161.8% extension of the current range, near $19. Above that, and $20 is the next “obvious” target, but Ford will eventually need a rest.

Like Coinbase, I want to see how Ford holds up on a test of the 10-day moving average. That did not go over so well ahead of earnings, but I think it will do better this time around.

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/2021/11/4-top-stock-trades-for-thursday-shiba-inu-amd-coin-f/.

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