4 top stock trades for Wednesday: ARKK, ATVI, AMC, BAC
It might have been a nice three-day weekend, but that came to an abrupt end with Tuesday's trading session, which was anything but easy. With that in mind, let's look at a few top stock trades for this shortened trading week. ![]()
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The $ARK Innovation ETF(ARKK.US$ is a focus for many investors at the moment. It acts as the proxy for growth stocks and as such, it's been under tremendous pressure.
The $70 to $75 area is plenty of potential support, including the 161.8% downside extension and the 200-week and 50-month moving averages.
However, the level of $77.53 was last week's low and when ARKK dipped below it, it gave us a pretty good trading opportunity on a risk/reward basis.
Above that level keeps this week's high in play near $80.50.
$Activision Blizzard(ATVI.US$ shares erupted higher on Tuesday on news that $Microsoft(MSFT.US$ would buy the firm.
Some investors are wondering if more upside could be in store given that, even at Tuesday's highs, Activision stock was still down more than 17% from its 52-week high.
On the downside, I really want to see this stock hold yesterday's low. Not only is it the post-acquisition low, but it's also where the fourth-quarter high and the 200-day moving average come into play.
Below that, and we have to worry about a test of the $77 level.
On the upside, however, bulls are looking for a move over $87.75 to unlock more upside. To be fair, though, keep in mind that trading mergers and acquisitions (M&A) stocks is difficult, erratic and headline-driven.
$AMC Entertainment(AMC.US$'s charts have been working against it for a while now and then fundamentals never supported such a crazy short squeeze.
AMC stock has already come down into the $20 level, which was a notable level about one year ago.
It's failing as support now, unlike last week where it provided a small bounce.
From here, keep an eye on the 200-day and 50-week moving averages. Back over $20.36, and aggressive longs can try to trade this back to some of the short-term declining moving averages. But that's for aggressive buyers only.
$Bank of America(BAC.US$ is due to report earnings Wednesday morning. Down in each of the last four trading sessions, the prior bank reports have weighed on this name.
It's down into key support now, so a bounce would be appreciated by the longs — although that doesn't mean it's going to happen.
If it does, let's see if BofA can clear the two-day high and 10-day moving average, filling that gap up near $48.70. Above that puts the high near $50 in play, and while it seems unlikely, a breakout to new highs opens the door to the two-times range extension.
On the downside, however, see how BAC stock handles the $42.70 area. It's actually an interesting level. It's the December low, a support zone and the 200-day moving average. That could be a buying opportunity depending on how the stock reacts to it.
Source: InvestorPlace
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Moneymonkeysays : distractions
CitadelAir : wow this is garbage. you just copied from inevstorplace? I’m going to post some Motley Fool and Benzinga articles now because they are paid promoters like investor place. How much are they paying you? hyping Cathie Wood’s defunct ETF’s? Ffs that’s the worst thing I’ve heard. I’d rather invest in Leighman on Enron. Stop shitting on $AMC Entertainment (AMC.US)$
Ling Jing Soon : why AMC keep drop?Can you tell me what you think about this company?
mikerai : Nio
71576866 : I never told you guys that you guys can cash me out on top of my stuff and put my funds into a bank cuz I don't even know what bank it is and how do I know you guys taking money cuz my thing is being hacked so
71576866 CitadelAir: you can pay me what what I got in there and then I can be off but the only thing is I don't know how to get off I don't know how to cash it out I don't know where to put it so help me help you and then some
搞经济 抄底 加仓 : You know is the end of something, when Initiating of Buying a firm doesn't move their share price.
It should get cold when large-scale acquisitions can't shake the stock price.
搞经济 抄底 加仓 Ling Jing Soon: All indexs knives, Not only AMC all other stocks affected too.
Ling Jing Soon : u still hold amc?i sell it already,lose20%
CitadelAir Ling Jing Soon: And I’m still green… and selling covered calls every day. made $2k last week on selling calls. Made $1800 the week before selling calls. Haha you’re missing out.