This story was originally published here.
Equities exploded higher, with the Nasdaq Composite hitting a record high, as a better-than-expected labor report sent stocks higher. With that in mind, let’s look a few top stock trades for next week.
Top Stock Trades for Monday No. 1: Slack (WORK)
Slack (NYSE:WORK) stock is getting hammered on Friday, down more than 14% after disappointing quarterly results. However, shares declined right down into potential support.
The $30 to $30.50 area was multi-month resistance, keeping a lid on WORK as bulls continued to bid it higher. On Friday’s gap down, though, Slack found buyers just before this level was hit — pushing it back up toward $33.
Next week, bulls have a big task ahead of them. They need to build on Friday’s momentum off the lows, preferably pushing shares back above the 20-day moving average. If it can, it will begin to fill back into the gap.
On the downside, however, see how Slack handles the 50-day moving average should shares break below $30.
Editor's Note: Click here to keep reading.
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