Stocks tried to finish the week on a strong note. After two-straight rally days, the S&P 500 was roughly flat on Friday after an early morning dip. With that in mind, let’s look at some top stock trades going into next week. https://buyonlinestocks.com
Top Stock Trades for Monday No. 1: Bitcoin (BTC-USD)
Bitcoin (CCC:BTC-USD) and other cryptocurrencies are down big on Friday after China banned cryptocurrency trading. Man, a lot of bans have been taking place in China lately. In any regard, it’s been a tough week for Bitcoin and other cryptos this week.
On the plus side, though, Bitcoin held its low from Monday.
After dipping below $40,000 on Monday, we saw a strong rally in Bitcoin back toward $45,000. However, the 10-week moving average acted as resistance and now we’re moving lower once again.
For the moment, the 21-week moving average is holding as support. If Bitcoin dips back below this mark, Friday’s low is vulnerable, followed by this week’s low near $39,580. A break of that mark puts the 50-week moving average on the table.
On the upside, we need to see Bitcoin clear $43,000, then retest its 10-week moving average. Above that, and the 200-day is on the table.
Top Stock Trades for Monday No. 2: Dogecoin (DOGE-USD)
I have been waiting to write about Dogecoin (CCC:DOGE-USD) all week, and the time is finally here.
Earlier this month, Dogecoin broke below the 200-day moving average, but didn’t do so aggressively. In fact, it just ground right below the 200-day until earlier this week. On Monday, it dipped down to 20 cents before finding its footing.
That was after it lost the key 23 cent mark. Now the 23 cent level continues to act as resistance, while the 10-day moving average has been squeezing Dogecoin lower. Back above 23 cents could put the 200-day moving average in play.
However, a break of the 20 cent mark puts the 16 cent level and 50-week moving average in play. While that seems small, a move from 20 cents down to 16 cents is a 20% decline. But it could be a buying opportunity for investors.
Top Stock Trades for Monday No. 3: Costco Wholesale (COST)
Costco Wholesale (NASDAQ:COST) traded higher after better-than-expected earnings.
The key area now becomes $470. This was the prior high earlier this month and this area will likely be considered resistance until Costco can break out over it.
A close above $470 opens the door to $475, then the 161.8% extension up near $484.
If the $470 area acts as resistance, let’s see if the 21-day moving average can support the stock. On a selloff, I want to see the $445 to $450 area continue acting as support, along with the 10-week and 50-day moving averages.
Top Trades for Monday No. 4: Tesla (TSLA)
The electric vehicle (EV) trade has not been going that well, but I’ll continue to say it until the technicals fail: Tesla (NASDAQ:TSLA) continues to trade really well.
Shares rally up to resistance, pull back to trend support and eventually work through resistance with a breakout. On Friday, we saw that action again.