4-top-stock-trades-for-monday:-nvda,-baba,-plug,-gme

4 Top Stock Trades for Monday: NVDA, BABA, PLUG, GME

For some, the trading environment has never been better. For others, the days are starting to drag on as we slog through mid-August. With that in mind, let’s look at a few top stock trades for next week to see if we can get some momentum going — in one direction or the other. 

Top Stock Trades for Monday No. 1: Nvidia (NVDA)

top stock trades for NVDA

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Source: Chart courtesy of StockCharts.com” data-reactid=”26″ type=”text”>

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Source: Chart courtesy of StockCharts.com

NVDA) gapped higher on Monday, but pulled back into earnings. On Thursday, it couldn’t gain much upside traction, but given the rally we’ve seen since the previous earnings report in May and from the March lows, a modest gain is “good enough” in most investors’ minds.” data-reactid=”31″ type=”text”>Nvidia (NASDAQ: NVDA) gapped higher on Monday, but pulled back into earnings. On Thursday, it couldn’t gain much upside traction, but given the rally we’ve seen since the previous earnings report in May and from the March lows, a modest gain is “good enough” in most investors’ minds.

better-than-expected results. ” data-reactid=”32″ type=”text”>In any regard, shares are finally starting to resolve to the upside after better-than-expected results

InvestorPlace – Stock Market News, Stock Advice & Trading Tips” data-reactid=”33″ type=”text”>InvestorPlace – Stock Market News, Stock Advice & Trading Tips

If Nvidia can close over $500, it could create another push higher. Specifically, it will have investors looking at the 261.8% extension up at $535.05.

On the downside, though, a move below this week’s low at $472.69 could put the two-times range in play and the 20-day moving average.

Top Stock Trades for Monday No. 2: Alibaba (BABA)

top stock trades for BABA

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Source: Chart courtesy of StockCharts.com” data-reactid=”52″ type=”text”>

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Source: Chart courtesy of StockCharts.com

BABA) had a similarly muted response, falling about 1% on Thursday after its earnings report. However, bulls are making up for their lackluster response on Friday.” data-reactid=”53″ type=”text”>Alibaba (NYSE: BABA) had a similarly muted response, falling about 1% on Thursday after its earnings report. However, bulls are making up for their lackluster response on Friday.

Shares ended the day up 3%, and pressed into the $265 resistance area. Just above, near $269, is the 161.8% extension. Bulls will look to push the stock through this area, technically putting the two-times range extension in play near $292, followed by a potential move to $300.

On the downside, however, a break of uptrend support (blue line) would be a concern in the short-term. Doing so will put the 50-day moving average in play.

Top Stock Trades for Monday No. 3: Plug Power (PLUG)

top stock trades for PLUG

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Source: Chart courtesy of StockCharts.com” data-reactid=”70″ type=”text”>

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Source: Chart courtesy of StockCharts.com

PLUG) has been volatile, but it’s also traded very technically. Resistance continues to turn into support, as we’ve seen at $6, as well as well $10. That’s bullish price action.” data-reactid=”71″ type=”text”>Plug Power (NASDAQ: PLUG) has been volatile, but it’s also traded very technically. Resistance continues to turn into support, as we’ve seen at $6, as well as well $10. That’s bullish price action.

However, shares are starting to lose some momentum. And after finding resistance at $14, Plug stock is dropping back below the three-times range extension. On a further dip, see if bulls step in at $12 and near the 261.8% extension at $11.75. If not, it puts a larger dip in play.

Specifically, keep an eye on the 20-day moving average and the $9.50 to $10 area. I would expect this area to be solid support should it come into the mix.

On the upside, though. a move up through $14 puts the all-time high in play at $14.35. Above that, and the 361.8% extension is on the table at $15.27.

Top Stock Trades for Monday No. 4: GameStop (GME)

top stock trades for GME

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Source: Chart courtesy of StockCharts.com” data-reactid=”95″ type=”text”>

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Source: Chart courtesy of StockCharts.com

GME) isn’t my favorite holding out there. However, the stock has been trading much better lately — even though Friday’s action is mixed. ” data-reactid=”96″ type=”text”>I’ll be upfront: GameStop (NYSE: GME) isn’t my favorite holding out there. However, the stock has been trading much better lately — even though Friday’s action is mixed. 

are making the rounds). ” data-reactid=”98″ type=”text”>I guess investors liked those earnings, (even if bankruptcy talks are making the rounds). 

In any regard, the stock is now above all of its major moving averages and downtrend resistance (blue line). Those who want to go long need these observations to remain true. Below its moving averages puts $4 back in play. 

On the upside, bulls are ultimately looking for a move to $6.50 resistance. In between the current price and that mark stand the 61.8% and 78.6% retracements, near $5.25 and $6, respectively. This one is a volatile mover, but has been looking better. Therefore, let’s see if it can build on Friday’s momentum. 

Future Blue Chips and is on Twitter @BretKenwell. As of this writing, Bret is long NVDA.” data-reactid=”101″ type=”text”>Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell. As of this writing, Bret is long NVDA.

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