4 Top Stock Trades for Thursday: AAPL, GLD, AMD, AMC

U.S. equities are quietly working on two-straight weeks of notable gains and progress on the long side, as stocks continue to stay above key levels following last week’s rally. With that in mind, here are a few top stock trades we’re watching now.

Top Stock Trades for Tomorrow No. 1: Apple (AAPL)

What else can we say about Apple (NASDAQ:AAPL) at this point? The stock held up pretty well in the correction and it’s now rallying in seven-straight sessions. What a beast.

Wednesday’s rally has sent the stock up through the 61.8% retracement, while it’s currently above all of its daily moving averages.

From here, let’s navigate it like this. Should Apple lose the 61.8% retracement, I want to see the 10-day and 21-day moving averages hold as support, along with the daily VWAP measure.

If Apple stock continues to push higher, keep an eye on the $176.50 area. That has been resistance this year and was close to the February high of $176.65.

Top Stock Trades for Tomorrow No. 2: Gold (GLD)

This morning, I noted the recent struggle in gold as it fails to reclaim its declining 10-day moving average. That’s evident in the SPDR Gold Trust ETF (NYSEARCA:GLD) too.

The problem is that gold is supposed to climb during inflationary environments, but short of a few squeezes and spurts, it’s had trouble maintaining momentum. Rising rates (and thus a stronger dollar) don’t help matters.

Once the GLD lost support, short-term momentum switched from the bulls’ favor to the bears’. However, there’s a clear support area to keep an eye on.

Currently, I’m watching for an undercut of last week’s low and a test into the fourth-quarter high and the 50-day moving average.

If we get that setup and support holds, I would consider it a buying opportunity. On the upside, though, a move over the 10-day and 21-day moving averages puts $183-plus in play.

Top Stock Trades for Tomorrow No. 3: Advanced Micro Devices (AMD)

Traders I have spoken to recently can’t stop pecking at Advanced Micro Devices (NASDAQ:AMD). They saw the powerful move in Nvidia (NASDAQ:NVDA) and are wondering if AMD can generate something similar.

AMD stock has done a great job breaking out of its downward channel (blue lines). However, it continues to struggle with the 50-day and 200-day moving averages. At the same time, it’s holding the 10-day and 21-day.

It’s a mixed picture and we need some resolution. A break of Wednesday’s low puts $110 in play and potentially lower if the sellers really lean into AMD stock. Maybe even near $100 in that scenario.

On the upside, a move over this week’s high near $118 could put the $124 to $125 area in play. More specifically, though, I’ll be watching to see if AMD stock can get to $129 to $132 area — the 21-week moving average and the 50% retracement.

Top Trades for Tomorrow No. 4: AMC Entertainment (AMC)

After a powerful two-day rally where AMC Entertainment (NYSE:AMC) gained more than 30%, the stock is now reclaiming a very key level.

Shares are back over the $20 mark, which was first a major high in January 2021, then a major breakout area in May 2021, support in December 2021, then resistance in 2022.

I know that’s a bit loaded, but it highlights how key this level has been. AMC stock is also back above the 10-day, 21-day and 50-day moving averages.

If long, I would consider trimming some of the position now, then some more near $24 to $25, which is the 21-week moving average. Above that could put downtrend resistance in play, followed by another big level near $33.

On the downside, however, a move back below $20 could put AMC’s cluster of daily moving averages back in play (the 10-day, 21-day and 50-day).

On the date of publication, Bret Kenwell held a long position in NVDA. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell.

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