4 Top Stock Trades for Thursday: NVDA, DKS, GME, TOL

top stock trades - 4 Top Stock Trades for Thursday: NVDA, DKS, GME, TOL

The bulls answered the call on Wednesday, driving stocks higher following the FOMC Minutes release this afternoon. With that in mind, let’s look at a few top stock trades for Thursday, as the S&P 500 tries to snap a seven-week losing session.

Top Stock Trades for Tomorrow No. 1: Nvidia (NVDA)

Chart of NVDA stock
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Source: Chart courtesy of TrendSpider

With one glance at the chart, investors can tell Nvidia (NASDAQ:NVDA) is trying to bottom in the $155 to $160 area. With earnings set to be released after the close tonight, it will either make or break this support zone.

If we get a bullish post-earnings pop, I’ll be watching the 21-day moving average and $185 area. Most recently, the latter was resistance earlier this month after acting as support. Above that opens the door to the $195 to $200 area, then $210.

On the downside, I really don’t want to see Nvidia lose the $150 mark. That thrusts it below a lot of key areas and measures. If it does so — and closes below it — we’ll need to re-evaluate this stock.

Top Stock Trades for Tomorrow No. 2: Dick’s Sporting Goods (DKS)

top stock trades for DKS
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Source: Chart courtesy of TrendSpider

Dick’s Sporting Goods (NYSE:DKS) is all over the place on Wednesday. First, it gapped down and plunged lower on earnings, then spike higher. At one point, shares were down more than 10%, then up more than 14%.

Now we’re in a pickle.

Dick’s stock bounced hard off the 200-week moving average, but it’s now running right into active resistance via the 10-week moving average. Talk to any technical trader and they’ll put more weight into the 200-week than the 10-day. However, it’s hard not to point them both out.

If Dick’s can clear the 10-day and today’s high, the gap-fill level is in play at $87.31, along with the key $92 area and the declining 21-day moving average. On the downside, if it trades below $69.50, the low could be back in play.

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

Weekly chart of GME stock
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Source: Chart courtesy of TrendSpider

GameStop (NYSE:GME) had some fire on Wednesday, ripping over last week’s high and climbing almost 30% in the session.

Now it faces two keys measures via the 10-week and 21-week moving averages. If we can clear that zone near $120, it technically opens the door up to the $150 to $160 area.

On the downside — and we’d need a big drop to do it — a move below this week’s low opens the door back down to $78, then the 200-week moving average.

Top Trades for Tomorrow No. 4: Toll Brothers (TOL)

top stock trades for TOL
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Source: Chart courtesy of TrendSpider

Toll Brothers (NYSE:TOL) is up almost 8% after reporting earnings. In doing so, it’s pushing through the 50-day moving average and downtrend resistance.

If it can continue higher, $50 to $52 is in play. There we find the 23.6% retracement, the May high and the declining 21-week moving average.

On the downside, $44 is must-hold support. Not only is it where Toll Brothers has been finding support lately, but it’s also where we have the 200-week moving average and the 50% retracement from the 2021 high down to the March 2020 Covid-19 low.

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/2022/05/4-top-stock-trades-for-thursday-nvda-dks-gme-tol/.

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