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4 Top Stock Trades for Wednesday: Dogecoin, NVDA, TLRY, NVAX


Top stock trades - 4 Top Stock Trades for Wednesday: Dogecoin, NVDA, TLRY, NVAX

After a strong day on Monday, stocks went in reverse on Tuesday. It’s just one day of action, but we’ll have to see how it develops in the days ahead. With that in mind, let’s look at a few top stock trades.

Top Stock Trades for Tomorrow No. 1: Dogecoin (DOGE)

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

Dogecoin (DOGE-USD) has been picking up momentum lately, now up three sessions in a row and sporting a low-to-high gain of 31.75%.

However, shares are struggling with the February high near 17.3 cents and the 200-day moving average. If it can re-clear the February high, then the 200-day and the 19.5 to 20 cent range is back in play as the next upside target.

On the downside, though, I really don’t want to see this pull all the way back to the 15-cent area. That’s roughly where it went monthly-up. However, if it dips to this area and finds support near the 10-day, then bulls may consider buying the dip.

Top Stock Trades for Tomorrow No. 2: Nvidia (NVDA)

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

I was looking at Nvidia (NASDAQ:NVDA) this morning for a potential daily-up rotation as it reset near the 10-day. Instead it and its semiconductor peers were pounded.

Now pulling back, I’m carefully watching the $255 area. There we have the rising 21-day moving average and the prior support level from two weeks ago. Perhaps more significant, we also find the VWAP measure at this zone, anchored back to the March low.

I’d love a test of this area that holds as support. However, a break likely puts the 50-day and 200-day moving averages in play.

Top Stock Trades for Tomorrow No. 3: Tilray (TLRY)

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

We’re not quite to earnings season yet, but Tilray (NASDAQ:TLRY) is set to report its quarterly results before the open on Wednesday.

Like Nvidia, Tilray actually looked quite good coming into Tuesday’s session. On the upside, I want to see if it can reclaim $7.50. If it can, the $8.60 to $9 area is in play. That’s followed by $10 and the 200-day.

On the downside, however, the 21-day and 50-day moving averages are key. If these fail to hold, Tilray stock can revisit the $5 to $5.15 area — something bulls are desperately hoping to avoid.

Top Trades for Tomorrow No. 4: Novavax (NVAX)

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

Novavax (NASDAQ:NVAX) rolled over in December and has seemingly not stopped falling since. Even as the market was rallying over the last few weeks, the gains in Novavax have been meager.

The stock couldn’t reclaim the 50-day moving average, then lost its short-term daily moving averages and is now breaking below key $66 support. If it continues lower, $50 could act as a magnet. Below that and the $44 level is in play — the 161.8% downside extension.

As for the long side, not much is enticing me at the moment. Although a move back above $66.50 could put the 10-day in play up near $75.

On the date of publication, Bret Kenwell held a long position in NVDA. 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/2022/04/4-top-stock-trades-for-wednesday-dogecoin-nvda-tlry-nvax/.

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