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4 Top Stock Trades for Thursday: AYX, BB, AEO, PLCE

Bret Kenwell

The Federal Reserve announced that they will keep interest rates unchanged, and that they do not foresee any cuts in the next 12 months. That was the focal point of the day, as we turn to a few top stock trades.

Top Stock Trades for Tomorrow No. 1: Alteryx (AYX)

Top Stock Trades for Tomorrow No. 1: Alteryx (AYX)

Source: Chart courtesy of StockCharts.com

Alteryx (NASDAQ:AYX) was a bit of a mystery on Wednesday, as shares shank more than 10% at one point on no meaningful news. I’m still not even sure why the stock fell so much.

In any regard, $115 remains a significant level for AYX, currently acting as resistance. With the decline, shares knifed right through the 50-day and 200-day moving averages.

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Now the $90 level looms large. This area was resistance in the second quarter and has been support in Q4. Falling below it puts the $88.68 level on the table, which puts AYX down 40% from its highs. At $86.33 is the 38.2% retracement for the one-year range.

If AYX can reclaim the 50-day and 200-day moving averages on the upside, see how it does with $115.


Top Stock Trades for Tomorrow No. 2: BlackBerry (BB)

Top Stock Trades for Tomorrow No. 2: BlackBerry (BB)

Source: Chart courtesy of StockCharts.com

BlackBerry (NYSE:BB) has been a mess over the last few years. In September, $6.50 support gave way and shares of BB crumbled.

The stock finally bottomed after several tests of $5. Now at $5.50, shares trying to gain some upside momentum. If it can clear its November high of $5.73, then it could make a run at former support at $6.50.

A move below its 10-week moving average could put $5 back on the table.


Top Stock Trades for Tomorrow No. 3: American Eagle (AEO)

Top Stock Trades for Tomorrow No. 3: American Eagle (AEO)

Source: Chart courtesy of StockCharts.com

American Eagle (NYSE:AEO) is trying desperately to stay above $14 on Wednesday, following its earnings report. If it closes above $14, bulls may consider a long position in the stock with a stop at $14. More aggressive bulls may consider a stop just below Wednesday’s low.

Below that low puts the September low near $13.50 on the table. Moving over Wednesday’s high puts the gap-fill up toward $15 on the table.

Remember, it’s best to keep it simple, which is exactly what we have in this AEO setup.


Top Stock Trades for Tomorrow No. 4: Children’s Place (PLCE)

Top Stock Trades for Tomorrow No. 4: Children’s Place (PLCE)

Source: Chart courtesy of StockCharts.com

AEO is under pressure after earnings, but not like Children’s Place (NASDAQ:PLCE). Shares are down more than 20% and crashing to multi-year lows.

The stock had a menacing descending triangle pattern on the weekly chart above. That’s as downtrend resistance (blue line) squeezes the stock against a static level of support. That came into play at $70 for PLCE.

On a break below, I was looking for possible support at $65. Now near $54, shares are plunging through this mark.

PLCE is officially in no-man’s land. Maybe it bottoms soon, or perhaps it drifts down to $45. On a rebound, see if $65 and $70 act as resistance. Until it finds its footing, though, this one is a tough play. Let’s give PLCE a few more days of trading to see how it’s acting.

Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell. As of this writing, Bret Kenwell did not hold a position in any of the aforementioned securities.

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