It’s a huge day for tech, not just because of how well the group rallied on Thursday, but because of the key earnings reports that are due up after the close. Let’s look at the top two companies — Apple (NASDAQ:AAPL) and Amazon (NASDAQ:AMZN) — in our top stock trades.
Top Stock Trades for Tomorrow No. 1: Apple (AAPL)
Apple is the biggest stock in the market, so it has a profound impact on the indices as well as investor sentiment. If we can get a continued rally in this name, it may bode quite well for equities. Conversely, a dip could send the market lower.
The stock faces a key area at $167.50, where it finds the 50% retracement, as well as the 21-day and 50-day moving averages. If Apple can clear $170, we could see a quick move higher. Over $175 puts recent resistance near $178 to $180 in play.
On the downside, this week’s low is key. A break lower puts the 2022 low in play near $150.
Top Stock Trades for Tomorrow No. 2: Amazon (AMZN)
We already provided the big picture outlook here for Amazon the other day. That’s as it held the key $2,700 level.
Now snapping back above the $2,880 level and the 10-day, it’s decision time. Does the market flush this one lower, back to $2,700 or let it fly higher?
If it’s the former and we head lower, $2,700 is key. A sustained break puts $2,450 to $2,525 in play. There it finds the 61.8% retracement and the 50-week moving average. A little above that — near $2,525 — is the 200-week moving average.
On the upside, there are three main areas to watch: $3,070, $3,185 and $3,280.
In order, those are the 21-day and 50-day moving averages ($3,070), prior range support ($3,185), and the 200-day moving average and the underside of prior uptrend support ($3,285).
Top Stock Trades for Tomorrow No. 3: Exxon Mobil (XOM)
The oil trade is getting a little tricky, as energy prices are not trending like they once were. Still, energy companies should do quite well in the environment. Exxon Mobil (NYSE:XOM) wavered earlier this week but has clearly found its footing.
Notice the big hammer on Monday and the big fade on Tuesday. Both times the stock closed with a few pennies of $82.25. On the next day — Wednesday — that was the low before a big bounce.
That to me is the risk area. If Exxon loses $82, it loses a key mark from this week, as well as the 10-day, 21-day and 50-day moving averages.
On the upside, keep an eye on last week’s high of $89.80. Over that puts the 2022 high in play near $91.50. A break over that opens the door to the $96 to $97 area.
Top Trades for Tomorrow No. 4: Antero Resources
After breaking but stabilizing around the 21-day moving average, this stock found its footing and then roared higher on Thursday. Longs can look to book some profit here and hold the rest of the trade looking for higher prices.
If AR stock can clear $37.50, we could be looking at a move up to the $41 level.
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.