After dropping notably in the morning, stocks reversed and closed higher on the day. It leaves investors wondering what’s next for the market. In the meantime, here are a few top stock trades.
Top Stock Trades for Tomorrow #1: Nvidia
Nvidia (NASDAQ:NVDA) stock held the $172.50 level for four consecutive sessions. It was an impressive couple of days as bulls refused to break. On Wednesday, shares caught a boost after Goldman Sachs analysts took their price target from $179 to $192.
As shares reclaim the 20-day moving average, traders are shifting their outlook higher in the short term. Look to see if the stock can get back to $185, recent resistance earlier this month. Above it puts the high at $188.40 on the table, which comes into play near the 61.8% retracement.
On the downside, watch $172.50. Below could send shares to the 50-day and possibly the 200-day moving average.
Top Stock Trades for Tomorrow #2: Match Group
Match Group (NASDAQ:MTCH) took a hit on Wednesday, as cracks start to show up on the chart.
For now, shares are holding onto the 61.8% retracement. Below it will put Wednesday’s lows on the table. The $65 level has been decent support, while the 200-day moving average is near $64 and the 50% retracement is near $63.
On a rebound, see if MTCH stock can get back to $80.
Top Stock Trades for Tomorrow #3: Invitae
I love Invitae (NASDAQ:NVTA) for the long term, but it would be foolish to ignore the charts.
Invitae is taking out this month’s low and falling below the 200-day moving average.
Should shares continue lower, look for the 50% retracement just below $19. If it fails as support, look for a potential test of the May lows, with support in the low-$17s. At that point though, bulls may as well just ask for a January gap-fill and test of the 38.2% near $16.50.
On the upside, NVTA needs too reclaim the 200-day moving average, as well as the $22 level, which is acting as short-term resistance.
Top Stock Trades for Tomorrow #4: Cintas
Cintas (NASDAQ:CTAS) has seen a widening range (blue lines) since popping higher in July. On Wednesday, shares jumped on better-than-expected earnings results.
Thanks to its rally, CTAS is reclaiming the 50-day moving average and is approaching resistance at $270. Over $270 puts the 52-week high of $270.36 on the table, as well as a possible run to $276, which is recent trend resistance.
Top Stock Trades for Tomorrow #5: ServiceNow
ServiceNow (NASDAQ:NOW) has been frustrating investors lately, but pleasing traders as it bounces between $250 range support and $270 range resistance.
The setup is simple: traders can go long near $250 support and sell near $270 resistance.
If shares break down below support, see if the 200-day supports it, along with the 61.8% retracement near $243.75. Over $270 — which is also roughly the 78.6% retracement — and a move toward $290 may be under way.
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