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.
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