4 Top Stock Trades for Wednesday: Ethereum, AMD, AMZN, GLBE

top stock trades - 4 Top Stock Trades for Wednesday: Ethereum, AMD, AMZN, GLBE

We had a robust upside day on Friday, a choppy day on Monday and we saw more upside follow-through on Tuesday. Bulls’ hope is that Monday was simply a digestion day — even if it was a bit of a suspect one. With that in mind, let’s look at a few top stock trades after Tuesday’s nice move higher.

Top Stock Trades for Tomorrow No. 1: Ethereum (ETH-USD)

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

Ethereum (ETH-USD) held right where it needed to. It came down with the rest of the crypto group, tagged the $1,725 area and bounced hard. That zone was key support last summer, as Ethereum tested it three times in three months. It looked like it was going to break down then — boom! — it roasted higher, nearly testing $5,000 along the way.

Now testing this area again, it held as support the first time around. That said, it’s struggling with the $2,150 region. The 10-day isn’t far off, either.

If it can reclaim them, $2,500 and the 21-day moving average are the next test.

If it can’t reclaim these levels, though, then another test of $1,725 to $1,750 could be on deck.

Top Stock Trades for Tomorrow No. 2: Advanced Micro Devices (AMD)

Top Stock trades for AMD
Click to Enlarge
Source: Chart courtesy of TrendSpider

I have been championing Advanced Micro Devices (NASDAQ:AMD) for three reasons:

  1. It’s a fantastic company.
  2. The stock has come down considerably, more than 35% from the highs.
  3. It recently reported a strong quarter and provided a better-than-expected outlook.

Now that there’s some relief coming into the market, this is one of the first stocks to bounce. The rally is sending it up through the $100 level, as well as the 10-week and 21-month moving averages. It’s an impressive showing, to say the least.

If AMD can close above $100, the $110 to $112.50 area is not out of the question. There we find the 61.8% retracement of the current leg, as well as the 21-week and 50-week moving averages.

If AMD is really hot, it could open the door to the $125 to $128 range. On the downside, however, use caution below $99, as it puts today’s low back in play near $97.50. Below that opens the door to the low $90s.

Top Stock Trades for Tomorrow No. 3: Amazon (AMZN)

Top Stock trades for AMZN
Click to Enlarge
Source: Chart courtesy of TrendSpider

A weekly-up rotation looms in Amazon (NASDAQ:AMZN) if the stock can clear $2,280.

In that scenario, bulls can use this week’s low near $2,220 for a potential low-risk rotation trade. A daily close above $2,280 could set the stage for a more potent rally, potentially opening the door to three predictable yet possible upside targets: $2,400, $2,450 and $2,500.

Above $2,550 and there is a gap-fill near $2,800. On the downside, failure to rotate could keep sub-$2,200 on the table.

Top Trades for Tomorrow No. 4: Global-E Online (GLBE)

Weekly chart of GLBE stock
Click to Enlarge
Source: Chart courtesy of TrendSpider

The price action in Global-E Online (NASDAQ:GLBE) is unbelievable today.

Last night, shares traded lower by 28.5% in the after-hours session after reporting earnings. Today it opened just below the all-time low of $15.87, tagged $15.75, then reversed higher.

It even went outside-weekly-up, making new lows this week and then going weekly-up over last week’s high of $20.91. Now up 16.5% on the session, GLBE is impressing.

If it continues higher, $25 to $26 is the upside target. That is the breakdown area and where the declining 10-week comes into play. Back below $20 and investors should be a bit more cautious, as it does leave the lows in play.

On the date of publication, Bret Kenwell held a long position in GLBE. 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-wednesday-ethereum-amd-amzn-glbe/.

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