Louis Navellier is rating this stock an “A” – Get In Now!

On May 24, the man who found “the stock of the century” will reveal one of his top stocks for 2022 – for FREE – in a special presentation.

Tue, May 24 at 4:00PM ET
 
 
 
 

4 Top Stock Trades for Wednesday: Cardano, ARKK, PFE, RAD

top stock trades - 4 Top Stock Trades for Wednesday: Cardano, ARKK, PFE, RAD

After a slow and somewhat painful Monday, the stock markets burst higher on Tuesday, rallying on impressive upside breadth. With that in mind, let’s look at a few top stock trades as we push through the holiday-shortened trading week.

Top Stock Trades for Tomorrow No. 1: Cardano (ADA-USD)

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

Bitcoin (CCC:BTC-USD), Dogecoin (CCC:DOGE-USD) and a whole host of other cryptocurrencies seem to get all the attention, but let’s not forget about Cardano (CCC:ADA-USD).

The cryptocurrency has not enjoyed a massive run lately, and in fact, Cardano has continued to slide lower as it underperforms its peers.

Now clinging to the $1.20 level, Cardano bulls are hoping this level holds as support. As we all know though, “hope” is not a strategy. Furthermore, the trend is not the bulls’ friend, as Cardano continues to make a series of lower highs.

A break of $1.20 that isn’t quickly reclaimed could put the $1 level in play. So while cryptocurrencies ebb and flow as the talk of Wall Street, keep this technical alignment in mind.

Top Stock Trades for Tomorrow No. 2: The Ark Innovation Fund (ARKK)

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

We have gone back and forth on the Ark Innovation Fund (NYSEARCA:ARKK) a few times over the last few weeks. The fund is clearly trying to find its footing to call a bottom, but the selling in growth stocks has been relentless.

On Monday, I was looking for a potential weekly-up rotation over $97.50, following an inside week last week. Then on Monday, ARKK gave bulls and inside day — opening up the potential for a daily-up rotation over the area near $96.50.

It didn’t matter which you chose, with ARKK clearing both levels today.

My preference laid with the first rotation — the weekly-up — because it’s more significant in my opinion and it would put ARKK back above the bear-market low from May.

From here, let’s see if we can get a tag of $100 and the 21-day moving average. Above these measures, and the $103 to $104 area could be on the table. Above that puts the 50-day in play.

However, a break of this week’s low flashes some rather bright caution signs, in my view.

Top Stock Trades for Tomorrow No. 3: Pfizer (PFE)

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

Pfizer (NYSE:PFE) is another name that has been on our go-to list, given the robust rotation we had last week and the subsequent rally to new highs.

This morning it pulled back to its 10-day moving average, which set up the dip-buy opportunity for bulls who were prepared. Bouncing hard off this level now, let’s see if shares can get back above $60.

North of $60 and the highs are back in play at $61.71, followed by $62.75 and then potentially $69 to $70 down the road.

Top Trades for Tomorrow No. 4: Rite Aid (RAD)

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

Rite Aid (NYSE:RAD) has been a dog for most of the year, as it continues to put in a series of lower highs. But the stock may try to end that trend soon.

Shares are erupting over the 10-day, 21-day and 50-day moving averages on the day, as well as downtrend resistance (blue line). However, the stock is running right into the 10-month moving average and the monthly VWAP measure.

If it can clear this area, the November high is on the table at $15.65. If we get a monthly-up rotation in Rite Aid (and thus, ending the series of lower highs), it could open the door up to $16.50 and the 200-day moving average.

On the downside, though, let’s see if the 50-day moving average holds as support until some of Rite Aid’s shorter-term moving averages can catch up.

On the date of publication, Bret Kenwell held a long position in PFE. 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-wednesday-cardano-arkk-pfe-rad/.

©2022 InvestorPlace Media, LLC