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4 Prime Inventory Trades for Monday: XOM, CVX, ROKU, NIO – Nasdaq

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InvestorPlace – Inventory Market Information, Inventory Recommendation & Buying and selling Suggestions

Bulls need to drive the inventory market larger, however they’re struggling for traction after a robust run to new all-time highs. They’re additionally struggling regardless of report earnings from mega-capitalization tech and at a time the place the Federal Reserve clearly has the monetary system’s again. It’s one thing to consider as we flip the web page to Might. So, with all of that in thoughts, let’s take a look at a number of high inventory trades.

Prime Inventory Trades for Monday No. 1: Exxon Mobil (XOM)


Click on to Enlarge

Supply: Chart courtesy of TrendSpider

Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX) each reported earnings on Friday earlier than the open. And whereas they’re not utterly falling aside, the duo isn’t performing with a lot inspiration on the day.

For its half, Exxon rode a powerful five-day rally into the print. Backing off a bit now, I feel XOM inventory appears to be like okay as long as it may possibly maintain up over the 50-day and 10-week shifting averages.

Beneath these marks seemingly places $54.50 in play. Nevertheless, if that mark fails as assist, it might put the $50 to $51 space in play, together with the 21-week shifting common.

If the inventory can take out this week’s excessive, it places $62.50 on the desk.

Prime Inventory Trades for Monday No. 2: Chevron (CVX)

Top stock trades for CVX
Click on to Enlarge

Supply: Chart courtesy of TrendSpider

For Chevron, I needed to zoom out fairly a bit, greater than 13 years of buying and selling by way of the month-to-month chart. As you possibly can see above, the $100 stage has been fairly vital to this inventory.

As soon as it failed in 2020 — which isn’t any shock — it had been resistance till March. With vitality having some momentum, CVX inventory was capable of reclaim this measure and is holding above it this month.

On the identical time, it’s combating the 50-month shifting common. From right here, that leaves us in an fascinating place.

On a monthly-up rotation over $107.65 and the 50-month shifting common places $112.50, then $120 in play.

Nevertheless, on a monthly-down rotation under $100.14 (and a detailed under $100), places the 200-month and 10-month shifting averages on the desk.

Prime Inventory Trades for Monday No. 3: Roku (ROKU)

Top stock trades for ROKU
Click on to Enlarge

Supply: Chart courtesy of TrendSpider

Roku (NASDAQ:ROKU) had a powerful rally off the March low, however didn’t reclaim $400.

It then broke under the important thing $383 stage, in addition to the 21-week and 50-day shifting averages. Since then, it’s been trending decrease. At present, we’re working with an inside week.

If Roku rotates under this week’s low and final week’s low at $336.62, then it might put the $300 stage and the 200-day shifting common in play.

On the upside, although, we wish Roku to clear the 50-day shifting common. However it’s clear the 21-week shifting common is stiff resistance proper now. Above that places $383, then $400 in play.

Prime Trades for Monday No. 4: Nio (NIO)

Top stock trades for NIO
Click on to Enlarge

Supply: Chart courtesy of TrendSpider

Final Friday, Nio (NYSE:NIO) reclaimed the $39.75 stage. Nevertheless, the inventory has been rejected by the 50-day shifting common for 5 consecutive classes. Do you get the message? This stage is evident resistance!

Above the 50-day shifting common places this week’s excessive in play at $43.22. Above this mark could be a monthly-up rotation for these listening to the bigger timeframes and probably put the $49 to $50 space in play.

On the draw back, nonetheless, a lack of Friday’s low places the 200-day shifting common in play.

Beneath the 200-day opens up Nio to the April low, close to $34. If that fails as assist, then the 2021 low is feasible down close to $32.

On the date of publication, Bret Kenwell held a protracted place in ROKU.

Bret Kenwell is the supervisor and creator of Future Blue Chips and is on Twitter @BretKenwell.

The publish 4 Prime Inventory Trades for Monday: XOM, CVX, ROKU, NIO appeared first on InvestorPlace.

The views and opinions expressed herein are the views and opinions of the creator and don’t essentially mirror these of Nasdaq, Inc.





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