4 Top Stock Trades for Tuesday: AMZN, GE, OTIS, GME


After a solid rally on Friday, stocks were a little tamer on Monday as investors prepare for an intense week of earnings. However, let's take a look at some top stock trades as these reports emerge.

Top stock deals for tomorrow No. 1: Amazon (AMZN)

Amazon (NASDAQ:AMZN) is expected to show profits on Thursday. The stock has also done quite well lately.

Last month, stocks pumped the bulls fake by falling below the 200-day moving average. However, the 50-week moving average was supported as well as the $ 2,888 level. The latter has been in the game for almost a year.

Either way, the stock found new momentum on Monday due to rumors of a stock split.

While a stock split would likely help break Amazon stock out of its youngest range, the lack of a stock split could keep it there. It always feels more like the stock split is more important than the actual results, which is insane.

Just keep in mind from one perspective that the company had a false breakout above $ 3,345 the last time it reported profits.

From here, let's see if stocks can push through the current resistance at $ 3,434. Above it opens the door to current highs near USD 3,550. Additionally, and potentially, AMZN stock can head toward 161.8% extension, a longer-term price target near $ 3,975.

On the flip side, a break of $ 3,345 could bring the 21-day moving average into play, followed by $ 3,200.

Top Stock Deals For Tomorrow # 2: General Electric (GE)

General Electric (NYSE:GIVE) will report the winnings the Tuesday before the opening. An early rally on Monday was sold as optimism-for-profit fueled nervousness.

From here I want to see if bulls can maintain the momentum. If so, then they need to ram GE above the March high of $ 14.41. This opens the door to more than $ 15 and could eventually bring 161.8% overtime into play as a longer-term goal.

On the flip side, I'd like to see stocks hold above the pre-coronavirus 2020 high of $ 13.26. Below the 50-day moving average and uptrend support (blue line), the $ 12.25 level could hit the table.

Either one of these areas - the 50-day moving average and uptrend support or the $ 12.25 area - could offer buying opportunities. Let's see how the stock reacts to gains.

Top Stock Deals for Tomorrow # 3: Otis Worldwide (OTIS)

Back then, Otis worldwide (NYSE:OTIS) didn't seem to find a good time to start trading for yourself, April 2020. However, the stock has risen higher since then.

After a jump after winning, can it keep taking the elevator?

In late March, stocks finally broke above $ 68 and climbed higher in earnings. The stock then exceeded the 161.8% profit margin and double the profit margin. From here, I'd love to see Otis hold up the $ 75 level. If it can do that and pull out Monday's high, it will bring the 261.8% expansion near $ 80 into play.

Below $ 75 and the stock could test for 161.8% elongation. I would try to buy a dip in the 10 day moving average as a trade based on the current setup.

Top trades for tomorrow No. 4: GameStop (GME)

GameStop (NYSE:GME) is not a name I usually put in this column just because it's too volatile. However, it is often viewed as a benchmark for Reddit stocks.

After two viscous presses on the upside, the stock has transformed into a wedge pattern made up of lower highs and higher lows.

Keep an eye on this one, which is currently struggling with its 21-day moving average. During the 21 days, a weekly upward rotation near $ 175 could come into play. Above both levels and it is possible that GME shares will push back up.

In this scenario, the $ 200-212 range could come into play.

On the flip side, a $ 150 break could set GameStop up for a lower rotation, bringing March lows close to $ 117. Just think of both sides of the action.

Note: This stock is not a suitable trading instrument for most Investors and especially not on the short side.

At the time of publication, Bret Kenwell had positions (neither directly nor indirectly) in any of the securities identified in this article.

Bret Kenwell is the manager and author of Future blue chips and is on Twitter @BretKenwell.


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https://thedailytradingnews.com/2021/04/27/4-top-stock-trades-for-tuesday-amzn-ge-otis-gme/

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