This story was originally published here.
We saw another massive rally in the stock market, as investors continue to digest earnings. With that in mind, here’s a look at a few top stock trades from the day.
Top Stock Trades for Thursday No. 1: Facebook (FB)
While it’s nice to see mega-cap tech and social media rally, it’s concerning to see Facebook (NASDAQ:FB) stock up 6% before reporting earnings.
See those two down days where FB stock was failing at the 200-day moving average and the 61.8% retracement? I would have liked one more flat to down day ahead of the report.
Now coming into it up 6% worsens the risk/reward for longs. It can still go up, but likely by a smaller amount and it will be harder to rally as expectations rise.
From here, look to see if Facebook can keep climbing to the 78.6% retracement. If it can, that allows it to start filling into the gap, which was created in February. To fill it completely, FB will need to rally up to $210.
On the downside, tough, I’d love to see a pullback down to the 200-day moving average and 61.8% retracement. A dip to this level that holds as support converts a notable resistance level into support. Below puts the 50-day and 20-day moving averages in play near $176.
Editor's Note: To see the rest of the trades, read the full story here.
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