The Nasdaq Composite climbed to new record highs as we continue to push through a mixed earnings season. There is plenty of pain, but lots of nice gains. With all of that in mind, let’s look at a few top stock trades for Friday.
Top Stock Trades for Tomorrow No. 1: Dogecoin (DOGE)
Dogecoin (CCC:DOGE-USD) is howling on Thursday, giving us a daily-, weekly- and at one point today, a monthly-up rotation. And no, as far as I know, I won’t be let go due to my poor pun usage.
As it pertains to Dogecoin, the move thrust it over the 200-day moving average and nearly sent it to the August high at 35.18 cents. If we can get another push above this level, it could open the door to the 42.5 cent mark, followed by the 50% range retracement at 44.62 cents.
Given the momentum we’re seeing in its rival Shiba Inu (CCC:SHIB-USD), a rally is more than possible in Dogecoin.
If it doesn’t materialize, though, and Dogecoin turns lower, let’s see if the 200-day moving average buoys the coin.
Top Stock Trades for Tomorrow No. 2: Amazon (AMZN)
Amazon (NASDAQ:AMZN) reported earnings after the close, alongside Apple (NASDAQ:AAPL).
AMZN stock has been a depressing hold, as it’s been consolidating since the summer of 2020. It’s time to move on…or at least, that’s what bulls are hoping for.
Did the company sandbag the quarter for its CEO? Will Amazon ever split its stock? If the answer to both of these questions is “yes,” shares are likely to go higher.
I took a look at AMZN stock this morning, first highlighting the $3,500 to $3,550 area on the upside. If earnings weren’t in play, the stock’s weekly-up rotation would be quite attractive. As it stands, though, we have to see the quarter first.
If AMZN stock can clear $3,550, it opens the door to the recent highs near $3,750, then eventually the 161.8% extension up near $3,975.
On the downside, however, a move below the 200-day and 50-week moving averages opens the door to $3,175 support. Below that, and $3,000 is in play, followed by $2,900.
Top Stock Trades for Tomorrow No. 3: Lucid Motors (LCID)
Lucid Motors (NASDAQ:LCID) has been such a fun trade. You guys remember when we nailed the bottom in this stock, then traded it up toward $28 to $29, right? Right. Well, now it’s off to the races again.
The stock pushed back into that $28 to $29 resistance zone, then exploded over $29.81. The fact that it opened below this mark and traded up through it means traders actually had a chance to be long on the breakout.
Shares nearly hit $40 as it burst through the 161.8% extension of the current range. If LCID stock can clear the 50% retracement of the total range at $40.49, it opens the door up to the 61.8% retracement near $46.24.
Top Trades for Tomorrow No. 4: Facebook (FB)
Facebook (NASDAQ:FB) is getting a new name and ticker, changing from Facebook to Meta and going by the ticker symbol “MVRS” later in the year.
In turn, the stock is rallying off the news and the company’s announcements. However, it’s still struggling with the declining 10-day moving average.
I mostly want to see how FB stock handles the $330 level. If it can clear this, it can fill the gap to $338.
On the flip side, though, if it takes out Thursday’s low, then the $300 area could be on deck. Facebook still remains a tricky trade, but perhaps earnings from the “AA” of FAANG can help break the range.
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.
Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell.
