4 Top Stock Trades for Tuesday: TWTR, TGT, CVX, AAPL

[view original post]

InvestorPlace – Stock Market News, Stock Advice & Trading Tips

Monday was a volatile session that ultimately made little progress in either direction. With that in mind, let’s look at a few top stock trades as we go into Tuesday.

Top Stock Trades for Tomorrow No. 1: Twitter (TWTR)

One minute it looks like Twitter (NYSE:TWTR) will be acquired. The next minute it looks like the deal will fall apart. However, despite what the headlines do to the stock, it remains trapped.

On the downside, $44.50 has been support, while on the upside, $48.50 is the two-day high.

If the bulls can jam Twitter up over $48.50, it puts the 200-day in play. Above that opens the door back toward $54. On the downside, A break of $44.50 and failure to reclaim it likely puts the 21-day moving average in play. Below that puts $41 on the table, then the gap-fill at $39.85.

Keep in mind, this will remain a headline-driven asset for the time being.

Top Stock Trades for Tomorrow No. 2: Target (TGT)

Target (NYSE:TGT) was a trade of ours from last week, as shares rotated over last month’s high and went monthly up. After clearing our first target near $236 — the 61.8% retracement and 200-day moving average — bulls can now settle into the trade against a break-even stop-loss.

Looking at the chart, I’m still fishing for $250 on the upside. That’s a nice round number and the 78.6% retracement. If this name catches on like some of the other high-quality retail stocks, then Target could surely get there.

Above $250 would open the door to the $265 to $268 region for one final exit.

On the downside, though, a break of $229 really fractures the short-term chart.

Top Stock Trades for Tomorrow No. 3: Chevron (CVX)

Speaking of rotations, Chevron (NYSE:CVX) is also on watch. The stock cleared last week’s high near $173 and now sits just below the recent high.

If Chevron can gain momentum and clear $175, it could open the door up to the 161.8% extension near $185 to $187.

Obviously, bulls can justify a trim before that. But for longer-term swing traders, that would be the goal. If there’s one thing that’s been consistent in 2022, it’s been energy stocks.

On the downside, a move below $168 negates the short-term momentum.

Top Trades for Tomorrow No. 4: Apple (AAPL)

Last but not certainly not least, we have Apple (NASDAQ:AAPL). And as a market leader, this one is concerning.

Shares tried to rally on Monday, but could not hold onto the gains as the stock slipped back below last week’s low near $165. If it can’t reclaim this level, then bulls need to use caution — both with Apple and with the Nasdaq.

Back above $165 opens the door to a quick potential rally to the 50-day and 10-day moving averages. Above that puts $171.50 in play.

On the downside, though, a continued decline could open the door down to the 200-day moving average.

On the date of publication, Bret Kenwell had a long position in TGT. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell.

More From InvestorPlace

The post 4 Top Stock Trades for Tuesday: TWTR, TGT, CVX, AAPL appeared first on InvestorPlace.