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Stocks climbed again on Thursday, with the S&P 500 up about 85 basis points as of this writing. However, poor breadth has traders wondering if the rally is getting a bit tired. With that in mind, let’s look at a few top stock trades as we head into Friday.
Top Stock Trades for Tomorrow No. 1: Roku (ROKU)
Source: Chart courtesy of StockCharts.com
Roku (NASDAQ:ROKU) was a fun trade on Thursday. We saw buyers step in on Wednesday, bouncing shares off that $102 area.
With Thursday’s continuation, shares are breaking above short-term downtrend resistance and rotating over the prior session’s high. That has investors looking at Wednesday’s action as a reversal.
Roku is also reclaiming the 50-day moving average in the process.
I want to see if shares can reclaim the 20-day moving average next, putting short-term resistance near $120 back in play. Above that puts the 200-day moving average in play. Below $100, however, and we’ll have to wait for Roku to set up again.
Editor's Note: Click here to see the rest of the Friday trades.
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