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4 Top Stock Trades for Thursday: GS, C, ROKU, UNH

Bret Kenwell

Stocks slipped in the opening minutes of Wednesday trading, but clawed back some of those losses by the close. With that in mind, let’s look at a few top stock trades for Thursday.

Top Stock Trades for Tomorrow No. 1: Goldman Sachs (GS)

Top Stock Trades for Tomorrow No. 1: Goldman Sachs (GS)


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Source: Chart courtesy of StockCharts.com

Goldman Sachs (NYSE:GS) is one of the few bank stocks rallying after reporting earnings. The stock traded down just below $170 after reporting its quarterly figures, but has since rebounded from those lows. 

Don’t feel like you’ve missed the boat, though. Now we have levels we can trade against.

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On the downside, we have a low of $169.15 to measure against. On the upside, there’s clear resistance near $184. If shares of Goldman Sachs can clear resistance over $184, it could fill the gap up toward $190. Above that and there is a plethora of major moving averages up between $205 and $210. 

On the downside, watch for a move back down to $169. Below that opens up the potential for another test of $150. Below that technically puts the $130 March low in play, but let’s not get ahead of our skis. 


Top Stock Trades for Tomorrow No. 2: Citigroup (C)

Top Stock Trades for Tomorrow No. 2: Citigroup (C)


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Source: Chart courtesy of StockCharts.com

As for Citigroup (NYSE:C), shares are down almost 4% after reporting its first-quarter earnings results. That’s more in-line with how its peers are trading at the moment. 

The stock continues to get rejected from the $47.50 area, which was the low from the Q4 2018 selloff. That’s not a great sign for the bulls to be honest, but not all hope is lost. 

Ideally, the stock will stay north of $140 and build out a longer term, less volatile base. That would be a constructive silver lining to the way shares have been trading lately. Below $140 opens the door to a retest of the $35 to $36 area. 

On the upside, we need to see Citi clear $47.50. Above puts a run to $51 in play. 


Top Stock Trades for Tomorrow No. 3: Roku (ROKU)

Top Stock Trades for Tomorrow No. 3: Roku (ROKU)


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Source: Chart courtesy of StockCharts.com

Roku (NASDAQ:ROKU) continues to move really well, adding to Tuesday’s big gains with Wednesday’s rally, which came despite the decline in the broader market. Shares reclaimed and held the 50-day moving average and are making new highs on the week. 

However, Roku could run into some resistance between $118 and $123. There it runs into prior multi-quarter support, as well as the 100-day and 200-day moving averages. Above this zone opens up the stock to a run to $130-plus. 

A pullback likely puts the $100 level and the 50-day moving average back in play. From here, see that uptrend support (blue line) continues to act as support. If it fails, $80 is not out of the question, no matter how well this company is doing. 


Top Stock Trades for Tomorrow No. 4: UnitedHealth (UNH)

Top Stock Trades for Tomorrow No. 4: UnitedHealth (UNH)


Click to Enlarge
Source: Chart courtesy of StockCharts.com

UnitedHealth Group (NYSE:UNH) is seeing a solid bounce after reporting earnings on Wednesday. 

The move is catapulting UNH stock over a key resistance point near $265. That zone was multi-year resistance and clearing it gives the stock solid momentum. If it can continue higher, bulls will look for a test of $300 resistance. This is a level UnitedHealth could not break through in late-2019 and early 2020, despite trying multiple times over several months. 

On the downside, look for UNH to hold $265 as support. Below puts $252 to $255 in play, where the stock will find its 50-week and 100-week moving averages. Below that and $230 is possible. 

Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell. As of this writing, Bret Kenwell is long ROKU and C.

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