4 Top Stock Trades for Thursday: Bitcoin, AMC, M and SPCE

top stock trades - 4 Top Stock Trades for Thursday: Bitcoin, AMC, M and SPCE

After Monday’s strong rally, it’s been a dull two-day trade on low volume. That said, there are some stocks that are still setting up on an individual basis. Let’s look at those holdings as part of our top stock trades group. 

Top Stock Trades for Tomorrow No. 1: Bitcoin (BTC-USD)

Daily chart of Bitcoin
Click to Enlarge
Source: Chart courtesy of TrendSpider

Bitcoin (CCC:BTC-USD) always seems to make some noise, doesn’t it?

Bitcoin fell more than 6% on Tuesday, closing just below the 200-day moving average. At one point, the cryptocurrency was down about 2% on Wednesday, but it has since reversed those losses and is about flat so far on the day. 

That’s got investors wondering if it has bottomed in the short-term. Short-term traders can be long on the move back up through Tuesday’s low with a stop at Wednesday’s low. 

That said, Bitcoin has to contend with the 200-day, 21-day, 10-day and 50-week moving averages all within a rather tight cluster. 

If it can clear these measures, $50,000-plus is in play. If it can’t and Bitcoin takes out the recent low (at $46,596), then lower prices could be on the way. 

Specifically, the $45,500 area could be next, which has been support over the past month. Below that level and the $40,000 to $41,000 area could be on tap. 

Top Stock Trades for Tomorrow No. 2: AMC Entertainment (AMC)

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

When a high-momentum stock loses momentum, it’s pretty hard to get it back without some major pain first. AMC Entertainment (NYSE:AMC) fits that description wonderfully. 

The $33 to $34 area went from support to resistance, while the stock has failed to hold every meaningful moving average it’s tested since breaking down. 

Now struggling to reclaim the 10-day, 21-day and 50-week moving averages, bulls need to use caution. A close below last week’s low (at $26.82) could open the door down to the low $20s again. 

On the upside, AMC stock needs $30-plus to look better. 

Top Stock Trades for Tomorrow No. 3: Macy’s (M)

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

Macy’s (NYSE:M) is a stock I was looking at a few weeks ago, looking for it to find its footing after a huge rally and big pullback. It couldn’t find its footing at the time and we moved on from the name. 

Now rallying nicely — working on its sixth straight daily gain — Macy’s is back in the spotlight. 

The clue came last week when Macy’s stock reclaimed the prior week’s low and the 21-week moving average. The trigger came this week when the stock went weekly-up over $25.35.

Now trading into the 10-week moving average, let’s see if the stock can reclaim this level and climb to the December high at $28.33. Above that and $30-plus is in play.

On the downside, I want to see Macy’s hold $25 and the 21-week moving average. 

Top Trades for Tomorrow No. 4: Virgin Galactic (SPCE)

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

Wow, it’s been a while since we’ve written about Virgin Galactic (NYSE:SPCE) and when I pulled up the chart, it’s clear why. A prior downtrend channel we drew on the chart a few months ago (in blue) is still in play!

Worse yet, Virgin Galactic stock is breaking below the recent support level at $13.70, as it looks for a test of the channel low.

It’s also making new lows with some divergence on the RSI measure. That alone isn’t enough to warrant a long position, but it’s something to watch. 

For now though, this is one I’m avoiding. The stock is breaking to new 2021 lows and remains below all of its daily moving averages. The trend is not its friend and shares are not trading well, thus we are taking a pass until at the very least, SPCE stock can find its footing. 

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/2021/12/4-top-stock-trades-for-thursday-bitcoin-amc-m-and-spce/.

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