It was a slow and somewhat choppy day in the U.S. markets on Monday, although tech did turn in some nice gains. That said, let’s look at a few top stock trades for Tuesday.
Top Stock Trades for Tomorrow No. 1: Ark Innovation ETF (ARKK)
The Ark Innovation Fund (NYSEARCA:ARKK) is considered a leader among growth stocks, so to see it hitting its highest levels in more than a month certainly is encouraging.
Making its sixth gain in the last seven trading sessions, shares are now pushing through the 50-day and 200-day moving averages. From here, I want to see if Ark can extend up to the 21-week moving average, then to the $130 level.
If it experiences trouble from here, I want to see some of these key moving averages act as support.
For instance, if ARKK failed today and reversed, I would want to see the 50-week and 21-day moving averages hold as support. If ARKK were to rally to the 21-week moving average and pull back, I would want to see the 50-day and 200-day moving averages hold as support.
Below $110, and we may see the ETF test $100 again.
Top Stock Trades for Tomorrow No. 2: Corsair Gaming (CRSR)
Corsair Gaming (NASDAQ:CRSR) exploded higher, clearing key resistance at $35. However, it’s also well off the session highs. Now what?
The spot where CRSR stock was rejected is interesting. It’s right where the 61.8% retracement and downtrend resistance (blue line) come into play.
On the downside, I’d love to see $35 become former resistance and current support. On the upside, though, look for a move through Monday’s high. That puts $45-plus in play and specifically, the $48 to $50 area.
Top Stock Trades for Tomorrow No. 3: BigCommerce (BIGC)
I called out BigCommerce (NASDAQ:BIGC) before the open and shares have been on fire all day. The stock gave use a two-times monthly-up rotation over $61.
Amid the move, shares also cleared the 21-week moving average. This name has been swept up in the painful growth-stock bear market. However, it’s been trading much better off the lows.
From here, I’d love to see shares maintain above the 10-day and 21-week moving averages, as well as the two-times monthly-up level.
On the upside, it may seem greedy. However, let’s look for a rally up to the 200-day moving average and the $70 level.
Top Trades for Tomorrow No. 4: Moderna (MRNA)
Moderna (NASDAQ:MRNA) had a rough day on Monday, falling about 5.2% on the day.
From here, we need to see some sort of rotation higher, even if it takes a few days. Holding the 10-day moving average is a good test, particularly off Monday’s strong bounce. But we need some sort of follow-through to the upside. If we get it, $220-plus isn’t out of the question.
On the downside, a break of Monday’s low puts $189 and the 21-day moving average in play. And to tell you the truth, that wouldn’t be a horrible spot for a possible dip-buy.
On the date of publication, Bret Kenwell did not have (either directly or indirectly) any positions in the securities mentioned in this article. 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.
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