It’s a busy week, with the first quarter coming to an end on Thursday and the jobs report on Friday, among other events. With all of that in mind, let’s look at a few top stock trades as traders check “Monday” off the list.
Top Stock Trades for Tomorrow No. 1: Apple (AAPL)
Apple (NASDAQ:AAPL) was one of the few stocks to start off on the wrong foot this morning and it had many traders — too many in fact, to the point where we missed our entry — looking for a buy-the-dip opportunity.
Snapping higher now, Apple is still struggling with Friday’s high near $175.
If Apple can clear this level, then $176.50 resistance in play. On the downside, a break below Monday’s low and the 10-unit moving average on the four-hour chart (which is what we’re using here), puts the 10-day moving average in play.
Below that and the $166 area is key. There is finds multiple moving averages on the four-hour and daily timeframes.
Top Stock Trades for Tomorrow No. 2: Alphabet (GOOG, GOOGL)
I would love some sort of shallow dip down the 200-day and 10-day moving averages. Not only would that give bulls a short-term dip-buying opportunity, but it would give them the potential to buy-the-dip as a trade and swing Alphabet for a little longer than usual.
Not only is it a strong name in the tech space, but it would give us the potential for an inside-and-up play over the March high.
Will it come to fruition? No idea. But if it does, we’ll be prepared. That’s half the battle.
Top Stock Trades for Tomorrow No. 3: Broadcom (AVGO)
On Thursday, Broadcom made a powerful breakout over last month’s high and the 61.8% retracement. A dip to this area was (and remains) a solid buying opportunity, provided it holds as support along with the rising 10-day moving average.
Over last week’s high of ~$630.50 could open the door to $650.
If support fails on the pullback, look to the 21-day and 50-day moving averages.
Top Trades for Tomorrow No. 4: Dow (DOW)
Going forward, keep an eye on this stock. It’s bouncing nicely off the 10-day, which came into play just above the fourth-quarter high and major breakout area of $62.50.
As long as it’s above those measures, bulls can fish for more upside. Over $65 and the rally can continue. On the downside, a break of $62.50 opens the door to the $60 area — where it finds the 21-day, 50-day and 200-day moving averages.
On the date of publication, Bret Kenwell held a long position in DOW. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.