4 Top Stock Trades for Wednesday: HOOD, F, GME, NKE

top stock trades - 4 Top Stock Trades for Wednesday: HOOD, F, GME, NKE

Another day, another impressive rally for the bulls. With that in mind, let’s look at a few top stock trades going into midweek.

Top Stock Trades for Tomorrow No. 1: Robinhood (HOOD)

Top stock trades for HOOD
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Source: Chart courtesy of TrendSpider

Robinhood (NASDAQ:HOOD) stock exploded higher on Tuesday in an impressive rally. Now up through wedge resistance (blue line) and its major moving averages, Robinhood has some newfound momentum.

With the burst, it’s also clearing the February high, giving bulls a monthly-up rotation.

If the stock can continue higher, I wouldn’t rule out the $18.50 to $20 area. There we find the 161.8% extension, along with a notable resistance level. Above $20 and the 261.8% extension could be in play, followed by the VWAP measure.

If Robinhood pulls back below the February high, then we need to see the short-term moving averages act as support.

Top Stock Trades for Tomorrow No. 2: Ford (F)

Top stock trades for F
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Source: Chart courtesy of TrendSpider

It took a little longer than expected, but Ford (NYSE:F) is finally giving us the rotation we were looking for.

In back-to-back weeks, the stock topped out at $16.90 as it struggled with the 10-month moving average. Now flying higher into the 10-week moving average, it’s time to trim some of our long position.

From here, bulls can look for $18.50, then the gap-fill level at $19.87.

On the downside, though, a move back to our entry  — the $16.90 trigger — could constitute a break-even stop-out. Below this week’s low and the 50-week moving average makes this month’s low vulnerable.

Top Stock Trades for Tomorrow No. 3: GameStop (GME)

Top stock trades for GME
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Source: Chart courtesy of TrendSpider

GameStop (NYSE:GME) has been on fire. Despite finishing lower on Tuesday, shares have been up in 10 of the last 11 sessions. Not many stocks can make that claim right now!

During the current stretch, we’ve seen a 130% move in GameStop stock.

On Tuesday’s pullback, GameStop held exactly where it needed to, at the $159 to $160 area and the 200-day moving average. If it continues higher, let’s see if it can clear the $200 mark.

That could put the $250 zone in play.

On the downside, however, watch $259 and the 10-day moving average for support. Below both marks puts $130 in play.

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

Top stock trades for NKE
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Source: Chart courtesy of TrendSpider

Nike (NYSE:NKE) has been a fun one lately. Shares reversed lower nicely from the post-earnings gap-up last week, as it ran right into the $139.50 area and the 50-day.

Once it found its footing, though, it gave us multiple inside days, which resolved higher yesterday. Now gapping up, we’re seeing the stock back into the same resistance levels as last week.

If Nike stock can clear $140.50, the mid-$140s is on deck, followed by the 50% retracement near $148.

On the downside, however, mind Tuesday’s gap-fill level near $135. Also watch the 10-day. That should be support as buyers stepped in even after the post-earnings dip.

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.

Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell.


Article printed from InvestorPlace Media, https://investorplace.com/2022/03/4-top-stock-trades-for-wednesday-hood-f-gme-nke/.

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