One other low-volume day the place the markets didn’t garner a lot traction is leaving some merchants annoyed, though the meme-stocks actually have been entertaining. Now, let’s take a look at a couple of high inventory trades for Thursday.
High Inventory Trades for Tomorrow No. 1: GameStop (GME)
The meme commerce isn’t being led by GameStop (NYSE:GME) this time round, however that doesn’t imply it isn’t in focus. With earnings due up after the shut, quite a lot of merchants have this one on their radar.
If we get one other squeeze, let’s see if GameStop inventory can take out the latest excessive close to $345, in addition to the March excessive at $348.50. If GameStop pushes via this space, $400-plus may very well be on the desk. Above $400 and the all-time excessive up at $483 could turn into a spotlight.
There’s actually no telling what this identify can do. The market is so whacky nowadays, but it surely pays to plan forward so you realize what to do if it occurs.
On the draw back, watch the $275 to $300 space. This zone has been resistance till the final two days, so bulls wish to see a dip to this space act as help. On a break beneath it, control the 10-day shifting common.
If we get a sustained transfer decrease, watch the 21-day shifting common and the $210 to $220 zone.
High Inventory Trades for Tomorrow No. 2: Vinco Ventures (BBIG)
With its $150 million market capitalization, Vinco Ventures (NASDAQ:BBIG) isn’t one which pops up too typically.
Nevertheless, with the latest worth motion, merchants are actually paying consideration. The inventory not too long ago cleared downtrend resistance (blue line), in addition to the February and March highs.
If it could possibly push above Wednesday’s excessive, the 61.8% retracement is in play at $6.55. On the draw back, see if it could possibly maintain the 10-day shifting common and the topside of prior downtrend resistance. Under these measures seemingly places a gap-fill in play.
One huge concern: Apart from the small market cap, this inventory has main divergence on the Williams %R studying.
High Inventory Trades for Tomorrow No. 3: Lordstown Motors (RIDE)
Like the remainder of these Reddit meme shares, Lordstown Motors (NASDAQ:RIDE) has been everywhere recently, but it surely has additionally loved some huge features.
Shares had been hammered decrease on Wednesday, quickly breaking beneath the 50-day and 21-day shifting averages, in addition to uptrend help (blue line). Nevertheless, that key $12.80 mark is performing as resistance. So is the 10-day shifting common.
It’s a blended bag and never one which’s notably enticing to me given the inventory’s risky nature and lack of a transparent setup. Nevertheless, RIDE inventory is attracting quite a lot of consideration.
If we get a transfer over Wednesday’s excessive, search for a attainable squeeze as much as $15 and the 21-week shifting common. Under Wednesday’s low and this inventory might see $7.50 to $7.70, adopted by a retest of the lows.
High Trades for Tomorrow No. 4: Clear Vitality Fuels (CLNE)
Final week, Clear Vitality Fuels (NASDAQ:CLNE) made a pleasant breakout over downtrend resistance. Nevertheless, shares struggled with the $10.50 to $10.75 space, in addition to with the 50-day shifting common.
Effectively after a few days of debate, that riddle has been solved. CLNE inventory ripped above all of those marks, climbing as excessive as $14.50 on the day. From right here, I wish to see prior resistance act as help. Under $10 and this one might falter once more.
If CLNE inventory can take out Wednesday’s excessive, the 61.8% retracement turns into the subsequent goal, adopted by a attainable push towards $17.
On the date of publication, Bret Kenwell didn’t have (both instantly or not directly) any positions within the securities talked about on this article. The opinions expressed on this article are these of the author, topic to the InvestorPlace.com Publishing Guidelines.