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Top 4 stock trades for Friday: AMD, SOFI, PTON, NKE

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In the midst of big declines, I don’t like spreads. It’s hard to close a gap and usually gives sellers more ammunition. So let’s take a minute to look at some of the major stock market trades on Friday – Opex day.

Best Stock Trades for Tomorrow #1: Advanced Micro Devices (AMD)

Man, did Advanced micro-systems (NASDAQ:AMD) give traders a great opportunity this morning or what?

I entered the day looking at $128 for possible resistance and $125 as a potential reversal long zone. Not only is this the weekly measure of VWAP, but it’s also where last week’s low comes into play.

If it fails as support, we could be looking at a test of the $122.50 zone, then sub-$118 could be in play.

On the upside, however, a move above $128 – which is the previous day’s low and the 21-week moving average – puts more than $130 in play, as well as the decline in the 10-day moving average. .

Best Stock Trades for Tomorrow #2: SoFi Technologies (SOFI)

Although the two weeks were tough on the stock market, the two weeks were great days for Sofi Technologies (NASDAQ:SOFI).

After two consecutive days of strong gains, the stock broke above the $16 level. I I can’t say I’m surprised this month’s high and the decline in the 50-day moving average rejected it.

While I’m bullish on SoFi for the long term and starting at prices below $15, I can’t ignore the technicals here.

On the upside, keep an eye out for this level and then the $17.50 area. Above $18 we have a monthly rotation, but I wouldn’t hold my breath for that.

On the other hand, keep an eye out for $13.66. A loss of this level brings SoFi back below a number of key moving averages, as well as the fourth quarter and December lows.

Best Stock Trades For Tomorrow #3: Peloton (PTON)

What a disaster Platoon (NASDAQ:PTON) has been – and I mean even before Thursday’s 24% drop.

The 10-day forced the stock lower, while channel support failed on Thursday. Not sure if this one is retesting the all-time low near $17.70, but either way, what a wreck.

On the upside, see how it handles the underside of channel support and the 10 days. However, there are 1,000 stocks better to trade than PTON stocks right now. And this one doesn’t need to be in your arsenal.

More than anything, study this chart and understand what a downtrend looks like – no, what broken stock looks like.

Top Trades for Tomorrow #4: Nike (NKE)

Nike (NYSE:NKE) interests me here. I wish there was a small bullish divergence on the RSI. It’s always an extra catalyst that I like to see.

By all accounts, Nike stock returns to its third quarter and The Q4 low, as well as the previous support zone, which was the breakout zone last year.

Below that level now, I want to see Nike stock recover $144.50 to give us a potential long reversal. I will not force the trade, as the markets are in a tough spot right now.

But if we get it, $150 is not out of the question on the upside. On the other hand, a break of $140 opens the door to the 21-month moving average and the fill mark of $134.81.

As of the date of publication, Bret Kenwell held a long-standing position with SOFI. The opinions expressed in this article are those of the author, subject to Publication guidelines.

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

Top 4 stock trades for Friday: AMD, SOFI, PTON, NKE

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