The stock market really hasn’t had much “oomph” lately, and Tuesday’s quiet session was another example of just that. However, stocks perked up quite a bit on news that U.S. trade officials would head to China this weekend to work on the trade deal. Let’s see if that gives us any momentum as we delve through a few top stock trades.
Shares of Lockheed Martin (NYSE: LMT ) are struggling for direction despite delivering an earnings and revenue beat, and raising its full-year guidance.
While the stock searches for direction, investors have an ideal setup.
Shares tested and held the 50-day moving average. For those that go long, they can use a stop at Tuesday’s lows. On the upside, look to see if LMT can push through the 20-day. If it can, a test of $370 is on the table.
The stock is hitting channel resistance as we speak, but may continue to grind higher if investors keep bidding up the stock. A slight pullback would be welcomed in KO, allowing channel resistance to continue higher and give the stock more room to run.
This name is a buy-on-dips candidate. A decline down to the $52 to $52.50 area – which was prior resistance – would be the first buy-the-dip spot. The second would be $49.50, but who knows when we’ll see that price again.
Top Stock Trades for Tomorrow #3: General Electric
General Electric (NYSE: GE ) is moving nicely on Tuesday, up almost 4.5%. The company doesn’t report earnings until next week, but this one has been trading well for a while now.
GE has been mostly rangebound between $9 support and $10.50 resistance. Pushing through the latter now, the first upside target is the double-top from June and July at $10.70. Above it opens the door to target No. 2, all the way up at $11.27.
AT&T (NYSE: T ) has been hammered over the past few sessions. At its lows near $31.50 on Tuesday, shares were down almost 7.5% from its highs made just a few weeks ago.
The seemingly done deal betweenT-Mobile US (NASDAQ: TMUS ) and Sprint (NYSE: S ) weighed on Verizon (NYSE: VZ ) and AT&T on Monday. However, T is likely under continued weakness ahead of earnings on Wednesday before the open.
The stock has not performed well over the past few quarters when reporting earnings and this quarter may be no different.
On a positive reaction, let’s see if AT&T stock can rally back to its highs near $34. If it can, that will bring it back to channel resistance and keep the rally intact. On a decline, let’s see that channel support buoys the name near $31. That’s provided Tuesday’s lows don’t prop it up.
If support gives way, T stock will break below channel support and will call on the 50-week moving average as hopeful support near $30.50. $30 buoyed the name last time T stock reported earnings. I would be a buyer on a dip down to $30 or to the 50-week moving average. Here’s why .
Top Stock Trades for Tomorrow #5: United Technologies
Below $130 and UTX stock becomes concerning. That means it will have lost its 20-day and 50-day moving averages, as well as uptrend support (blue line). Just below at $127.62 is the 38.2% retracement, while the 200-day moving average is near $125.50.
Put simply, there’s a ton of support below UTX. On the upside, $136 is resistance. Over this level could put $142+ on the table.
Go to Appearance > Customize > Subscribe Pop-up to set this up.
Wealth Empire Newsletter
Register now for free updates and alerts
Note: I have the ability to revoke this permission at any time and ask for the removal of my personal data collected by contacting us or simply clicking Unsubscribe.