The bulls just can’t have any sustainable fun. The market is down seven weeks in a row and not exactly avoiding an eighth in a row at this point. With that in mind, let’s look at a few top stock trades for Wednesday.
Top Stock Trades for Tomorrow No. 1: Meta (FB)
Meta (NASDAQ:FB) is getting hit on the news from Snap (NYSE:SNAP) — as are most stocks. On the plus side, though, Meta stock hasn’t made new lows on the move. That said, the stock is not exactly showing relative strength at the moment.
On the downside, bulls need to keep the recent low in mind at $169. Just below that and we have uptrend support as well (blue line).
If these marks fail as support, it’s possible that we revisit the $150 level, then the $137 Covid-19 lows if the stock really breaks down.
On the upside, though, $200 and the 10-week moving average are the current obstacles.
Top Stock Trades for Tomorrow No. 2: Johnson & Johnson (JNJ)
Johnson & Johnson (NYSE:JNJ) is one of the few stocks that continue to hold some form of an uptrend. Trying to push through and hold above $180, J&J bulls are looking for more upside.
For those who are long, I would look to trim between $185 and $187. If the stock is able to break out to new highs, a push to the $194 to $195 area is possible, followed by $200.
On the downside, breaking below $177.50 would be disappointing. However, below $172.50 and bulls may need to consider exiting the trade.
Top Stock Trades for Tomorrow No. 3: Carnival Cruise (CCL)
Turning our focus to the cruise line, this group is trading quite poorly. Just look at Carnival Cruise (NYSE:CCL), which is fell 10.3% on the day.
In fact, CCL stock is working on its sixth straight weekly decline and is hitting its lowest level since 2020. Now below all of its major retracements, keep an eye on $10 and $12.50.
If Carnival can reclaim $12.50, perhaps we could see a squeeze up to the $15 to $17 range. On the downside, a break of $10 could open the door back down toward the $8 range.
Top Trades for Tomorrow No. 4: Norwegian Cruise Line (NCLH)
Norwegian Cruise Line (NYSE:NCLH) is in a similar situation as it cracks below the key $15 level. On the plus side — I guess you can call it that — the stock is still above the 78.6% retracement and within the current channel.
The $12.50 to $12.90 area is going to be vital. It’s where the 78.6% retracement and channel support come into play. If these fail as support, NCLH stock could be looking at a break down toward $10 too.
On the upside, a move back through $15 could open the door to $17.50 and the declining 10-week moving average.
On the date of publication, Bret Kenwell held a long position in JNJ. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.