After a brutal finish on Wednesday, stocks were under a bit of pressure in early Thursday trading. The markets were able to push their way higher, led by the Russell 2000. Now, let’s look at a few top stock trades as bulls search for more upside. Remember, we’ll get the non-farm payrolls report tomorrow morning.
Top Stock Trades for Tomorrow No. 1: Nio (NIO)
There is good news and bad news with Nio (NYSE:NIO). The bad news is rather obvious: shares fell more than 5% today (and were down more than 11% at one point) while we had a notable rally in the stock market.
On the plus side, it bounced hard from today’s lows, as it tested down into wedge support and the 21-month moving average.
From here, let’s see if we can get a push back up to the 50-day moving average. Above puts wedge resistance and the 200-day on the table. Bulls can’t enjoy an extended rally until Nio clears $44.
On the downside, however, a break below the 21-month moving average likely puts the $30.70 to $31 area in play.
Top Stock Trades for Tomorrow No. 2: Ford (F)
We have had some nice action in Ford (NYSE:F) lately too, as the stock continues to digest its recent gains.
Shares are consolidating between $19 and $20.50. Effectively, it leaves traders looking for a break of this range.
If Ford can remain above its 10-day and 21-day moving averages, it’s hard not to lean bullish. That’s particularly true if it’s above $20.
A push over the $20.79 high (which is also a monthly-up rotation) could open the door to $23, the 261.8% extension. Below $19, and Ford may need to pay a visit to the 10-week moving average, currently down near $18.
Top Stock Trades for Tomorrow No. 3: Tesla (TSLA)
Sticking with the automotive theme, Tesla (NASDAQ:TSLA) is next on our radar as it flirted with a weekly-down rotation.
This one is worth keeping an eye on.
Earlier this week, it tried to go weekly up but was ultimately stopped short as shares are now pushing lower. Tesla is below the 10-day and 21-day moving average, which makes it a tough buy in the short term unless it can reclaim these measures.
Last week’s low sits at $1,062. If Tesla breaks back below this level and can’t reclaim it, we could be looking at a test of the 10-week moving average and $1,000.
Below that puts the November low in play, alongside the 50-day moving average.
Top Trades for Tomorrow No. 4: CrowdStrike (CRWD)
CrowdStrike (NASDAQ:CRWD) is a crowd favorite among growth investors. Shares have been hammered as of late and earnings only gave it a mild boost today, despite strength in the broader market.
Notice how CrowdStrike broke below the 200-day moving average before earnings, then found this measure to be resistance.
From here, we have a post-earnings inside day, with today’s range completely contained within the prior session.
A break of $200 that’s not quickly reclaimed could eventually put the 21-month moving average in play. Above Thursday’s high at $212.60, and perhaps we can see $225 and the 10-month moving average.
Above that could put the 200-day moving average in play.
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.