3 top stock trades for Thursday: TSLA, PG, BA
After two big upside days for stocks, the market struggled to hold onto its gap-up gains on Wednesday, and understandably so. With that in mind, let's look at a few top stock trades going into Thursday. ![]()
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$Tesla(TSLA.US$ has traded incredibly well over the past three days, up almost 13% from Monday's low.
Wednesday's rally was enough for Tesla stock to break back out over the 10-day, 21-day and 50-day moving averages.
Now contending with the 61.8% retracement, let's see what Tesla does from here.
If it dips, that's fine — particularly after such a lofty run. However, bulls will need to see the stock hold the 50-day moving average for it to remain constructive. If it loses the 21-day, we could see last week's low at $1,020.
On the upside, however, a move over the 61.8% retracement opens the door to the December high near $1,172. Above that, and this month's high is in play near $1,200.
This one is not as exciting, but $Procter & Gamble(PG.US$ deserves a look. Here is a daily chart with the weekly measures overlaid, but that doesn't clearly show that PG stock had risen in 10-straight weeks before this dip.
However, I would much rather have an inside-and-down rotation below today's low. Why? Because that could set up the stock for a test of the 10-week moving average, which gives us a better risk/reward setup.
Either way, P&G is one to keep on your radar for the time being.
$Boeing(BA.US$ looked like it was going to take flight on Wednesday but then ran out of steam after its initial burst higher on the open.
Boeing traded really well on Tuesday, bouncing hard off the 50-day. The stock had a short but clear bull flag consolidation going on — even with Tuesday's rally — so yesterday morning's rally made it look like Boeing could rip higher.
Unfortunately, the stock could not hold onto its weekly-up rotation. From here, the action is just OK. I want to see Boeing take out the $219 level, which is roughly last week's high. Above that puts Wednesday's high in play, followed by the 200-day.
On the downside, though, a break lower could put the December high in play near $212.70, as well as the 10-day moving average.
Source: InvestorPlace
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