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4 Top Stock Trades for Friday: AMD, SOFI, PTON, NKE

top stock trades - 4 Top Stock Trades for Friday: AMD, SOFI, PTON, NKE

Amid big declines, I don’t like gap-ups. It’s hard to bottom on a gap-up and usually just gives the sellers more ammunition. So, let’s take a minute to look at a few top stock trades for Friday — Opex day. 

Top Stock Trades for Tomorrow No. 1: Advanced Micro Devices (AMD)

Top Stock Trades for AMD
Click to Enlarge
Source: Chart courtesy of TrendSpider

Man, did Advanced Micro Devices (NASDAQ:AMD) give traders a great opportunity this morning or what? 

I came into the day watching $128 for possible resistance and $125 as a potential reversal long area. Not only is that the weekly VWAP measure, but it’s also where last week’s low comes into play. 

If it fails as support, we could be looking at a test of the $122.50 area, then sub-$118 could be in play. 

On the upside, though, a move over $128 — which is the prior day’s low and the 21-week moving average — puts $130-plus in play, along with the declining 10-day moving average. 

Top Stock Trades for Tomorrow No. 2: SoFi Technologies (SOFI)

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

While it’s been a tough couple of weeks in the stock market, it’s been a tremendous couple of days for SoFi Technologies (NASDAQ:SOFI). 

After two straight days of strong rallies, the stock poked its head above the $16 level. I can’t say I’m surprised this month’s high and the declining 50-day moving average rejected it. 

While I’m bullish on SoFi over the long term and from sub-$15 prices, I can’t ignore the technicals here. 

On the upside, keep an eye on this level, then the $17.50 area. Above $18 gives us a monthly-up rotation, but I wouldn’t hold my breath for it. 

On the downside, however, keep an eye on $13.66. A loss of this level puts SoFi back below a number of key moving averages, as well as the fourth quarter and December low. 

Top Stock Trades for Tomorrow No. 3: Peloton (PTON)

Top Stock Trades for PTON
Click to Enlarge
Source: Chart courtesy of TrendSpider

What a disaster Peloton (NASDAQ:PTON) has been — and I mean that even before Thursday’s 24% decline. 

The 10-day has been forcing the stock lower, while channel support failed on Thursday. I don’t know if this one retests the all-time low near $17.70, but either way, what a wreck. 

On the upside, see how it handles the underside of channel support and the 10-day. However, there are 1,000 better stocks to trade than PTON stock right now. And this one doesn’t need to be in your arsenal.

More than anything, study this chart and understand what a downtrend looks like — no, what a broken stock looks like. 

Top Trades for Tomorrow No. 4: Nike (NKE)

Top Stock Trades for NKE
Click to Enlarge
Source: Chart courtesy of TrendSpider

Nike (NYSE:NKE) interests me here. I wish it had a little bullish divergence on the RSI. That’s always an extra catalyst I like to see. 

In any regard, Nike stock is trading back to its Q3 and Q4 low, as well as the prior support zone, which was the breakout area last year. 

Below this level now, I want to see Nike stock reclaim $144.50 to give us a potential long reversal. I won’t force the trade, as the markets are in a tough spot right now. 

But if we get it, $150 isn’t out of the question on the upside. On the downside, though, a break of $140 opens the door to the 21-month moving average and the $134.81 gap-fill mark. 

On the date of publication, Bret Kenwell held a long position in SOFI. 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/2022/01/4-top-stock-trades-for-friday-amd-sofi-pton-nke/.

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