4 Top Stock Trades for Wednesday: DIS, PANW, BURL, TEVA

Stock Market

The trading sessions are starting to get quiet as we near Thanksgiving. Let’s look at a few top stock trades going into the last full trading session of the week.

Top Stock Trades for Tomorrow No. 1: Disney (DIS)

Disney (NYSE:DIS) stock has looked great ever since reporting earnings earlier this month. After hitting $150 a few weeks ago, shares recoiled and consolidated in a sideways pattern.

This flag resolved higher on Tuesday, with Disney breaking out to new highs.

What now? Well, as long as DIS can hold over $150, then it looks okay on the long side. Back below this mark and it may need more time to consolidate. Keep it simple.

Top Stock Trades for Tomorrow No. 2: Palo Alto Networks (PANW)

Top Stock Trades for Tomorrow No. 2: Palo Alto Networks (PANW)

Many traders were looking for Palo Alto Networks (NASDAQ:PANW) to break out over $250 when it reported earnings. Instead, it broke down.

Between $218 and $222, PANW has multiple major moving averages as potential support. Falling below them may bring up a test of long-term uptrend support, currently near $210.

If Palo Alto can use the $218 to $222 area as support, bulls will need to see the stock reclaim $230. Over this mark and PANW can begin filling the gap up toward $250.

Top Stock Trades for Tomorrow No. 3: Burlington Stores (BURL)

Top Stock Trades for Tomorrow No. 3: Burlington Stores (BURL)

Many retailers are struggling this earnings season, but Burlington Stores (NYSE:BURL) is not among them. Shares are up almost 9% after better-than-expected earnings.

On top of the strong move, BURL stock erupted for a big-time breakout. That move came over $210. Going forward, this is now the must-hold level for bulls. Back below this mark, and BURL stock will need to be reassessed.

From here, shares become a buy on the dips.

Top Stock Trades for Tomorrow No. 4: Teva (TEVA)

Top Stock Trades for Tomorrow No. 4: Teva (TEVA)

Teva (NYSE:TEVA) and others took it on the chin Tuesday as a criminal inquiry over the opioid epidemic weighs on investors.

News aside, the technicals paint a simple picture of the 200-day moving average rejecting Teva stock. While uptrend support (blue line) is buoying the name for now, it may be hard for bulls to put much faith in this mark. A break could easily send shares back down to the $8 to $8.50 area.

Falling below the 100-day at $7.86 could send shares back down to the $6.50 area. On a rebound, see if the stock can reclaim the 200-day moving average.

Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell. As of this writing, Bret Kenwell is long DIS. 

Products You May Like

Articles You May Like

It’s Time to Lock the Door on Opendoor Technologies
Markets are expected to remain on edge as the Fed meets in the week ahead
Alliancebernstein L.P. Sells 165,955 Shares of Lyft, Inc. (NASDAQ:LYFT)
Nio Could Soon Be in Another Electric Tizzy
DraftKings Stock May Look Cheap, But It Hasn’t Bottomed Out

Leave a Reply

Your email address will not be published. Required fields are marked *