After a hefty decline on Monday and another dip on Tuesday, stocks were again under pressure on Wednesday ahead of the Federal Reserve talks. But many other stocks were moving on the day, taking away some of that focus. With that in mind, let’s look at a few top stock trades now.
Top Stock Trades for Tomorrow No. 1: Pfizer (PFE)
In a week where stocks have been struggling, Pfizer (NYSE:PFE) longs have nothing to complain about.
We were watching this stock coming into the week for a potential long position. That’s as it was setting up for a two-times daily-up rotation. We got that rotation right off the bat on Monday.
Now up all three days this week (and for the last five days), bulls are wondering just how high Pfizer can go. It took out the recent high but is doing so with a bit of bearish divergence on the chart.
If we get a dip, let’s see if Pfizer can find its footing near $55 and the 10-day moving average. On the upside, though, let’s see if it can tag the 161.8% extension.
Top Stock Trades for Tomorrow No. 2: Roku (ROKU)
Roku (NASDAQ:ROKU) is not sporting a pretty chart. After bombarding its way higher — climbing 25% in three days — shares have given up all of those gains and more.
The stock is down more than 20% over the past few days and is making new lows. I guess on the plus side it has some bullish divergence, but just as we won’t look at divergence as “the top” on Pfizer, it’s hard to call “a bottom” in Roku on this observation alone.
However, if we get a move back up through last week’s low at around $197, we could have a bullish reversal on our hands. That could give us a decent long against whatever the low ends up being, provided it happens soon.
Should ROKU stock continue lower, the $170 level and the 200-day moving average could be on the table.
Top Stock Trades for Tomorrow No. 3: Procter & Gamble (PG)
Like Pfizer, let’s look at another relative strength monster with Procter & Gamble (NYSE:PG). Shares are up in 10 of the last 11 sessions and continue to cruise higher.
The outperformance and relative strength vs. the broader market is very impressive. On the upside, why not see if P&G can give bulls a tag of the 161.8% extension.
On the downside, however, I’d love a dip to the 10-day moving average as a potential buying opportunity.
These are exactly the types of stocks investors should be seeking out when the market is under pressure. With the S&P 500 down in four the last five sessions, P&G stock is up in each of the last six days.
Top Trades for Tomorrow No. 4: Roblox (RBLX)
Last but not least, we have another tanking growth stock, this time with Roblox (NYSE:RBLX). Shares are down more than 9% after the company’s latest update.
Shares are knifing below $100 and the 50-day moving average as a result. If it can reclaim this level, let’s see if $104-plus is possible.
On the downside, keep an eye on the $90 to $91.50 area. There Roblox finds the 21-week moving average and the 61.8% retracement of the entire range.
However, if RBLX continues to break down, it could see the $79 to low-$80s area. Don’t be stubborn with these types of stocks when the tides shift.
On the date of publication, Bret Kenwell held a long position in ROKU. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.