Friday had loads of large movers for us to choose from. That stated, let’s have a look at just a few prime stock trades for subsequent week.
Prime Inventory Trades for Monday No. 1: Apple (AAPL)
Shares of Apple (NASDAQ:AAPL) are struggling to rally on Friday, regardless of beating on earnings. Remember, the general market was underneath strain too, whereas Apple is up large from the March lows.
All issues thought of, Friday’s efficiency wasn’t that unhealthy. From right here, although, Apple rests at an attention-grabbing spot.
Shares sit on steep uptrend help (blue line) with the 10-day transferring common not far under, at $283. A transfer under opens the stock as much as a decline to the $270 stage. There AAPL will discover its 50-day transferring common and 50% retracement.
It might be encouraging to see this stage act as help. If it doesn’t, nonetheless, the 200-day transferring common stands out as the subsequent cease.
On the upside, Apple must take out the $300 to $305 zone.
Prime Inventory Trades for Monday No. 2: Exxon Mobil (XOM)
Exxon Mobil (NYSE:XOM) can also be in retreat on Friday, however fell a lot more durable than Apple — ending the day down greater than 7% after a shock Q1 loss. Like Apple, Exxon shares have an necessary stage arising.
Close to $43, XOM stock has its 50-day transferring common and uptrend help mark (blue line). If that stage holds, Exxon could rebound larger and retest current resistance close to $47.50. Above resistance and the 50% retracement close to $50.25 is feasible.
On the draw back, although, a drop to the 23.6% retracement at $39.61 could also be on the desk ought to help give method.
Remember, oil could also be a driving pressure of Exxon’s stock price.
Prime Inventory Trades for Monday No. 3: Tesla (TSLA)
Tesla (NASDAQ:TSLA) shares took it on the chin on Friday, a day after a painful post-earnings reversal. This time, the promoting strain got here from a questionable string of tweets from CEO Elon Musk.
In any regard, the stock is seeing a stable bounce off uptrend help (blue line), regardless of the heavy decline. If TSLA can maintain $700, see if the stock can reclaim the 10-day transferring common and push as much as $800.
On the draw back, a transfer again under $700 and uptrend help places the 50% retracement in play. Beneath that and Tesla could go to its 50-day transferring common at $632.
Prime Inventory Trades for Monday No. 4: American Airways (AAL)
American Airways (NASDAQ:AAL) took a dive on Friday, falling greater than 11%. In consequence, shares proceed to look unhealthy.
Shares are placing in a collection of decrease highs, a bearish technical improvement highlighted on the chart with purple arrows. A transfer under $10 places the April low of $9.09 in play.
On the upside, bulls must see AAL finish its streak of decrease highs. To take action, it should get to $12.90 or larger. It might even be useful to see American Air shut over its 50-day transferring common. Proper now, this chart isn’t engaging from the lengthy aspect.
Prime Trades for Tomorrow No. 5: Western Digital (WDC)
As is the theme in the present day, Western Digital (NASDAQ:WDC) can also be taking it on the chin — down greater than 12%. Nevertheless, it’s seeing a good bounce off the lows, reclaiming the $40 stage.
Above $37.50 and technically talking, Western Digital is okay. That stated, it has numerous overhead resistance. That features the 10-day, 20-day and 50-day transferring averages, the 38.2% and 50% retracements and vary resistance between $47 and $48.
If WDC can clear $50, it could possibly fill the hole as much as $52.50 and probably run to the 200-day transferring common. However man, the stock must do loads in an effort to get there. Beneath $37.50 and it may fill a distinct hole down towards $33.80.
Bret Kenwell is the supervisor and creator of Future Blue Chips and is on Twitter @BretKenwell. As of this writing, he was lengthy AAPL.