AMZN, FB, NIO, Bitcoin Cash


As markets continue to hover around record highs, traders are increasingly looking for stocks to squeeze momentum out of them. FAANG has been gaining more and more attention lately, and we’ll look at that first. Remember, we have a Federal Reserve meeting next week and a fourfold deadline on Friday. With all this in mind, let’s take a look at a few of the major stock trades on Monday.

Best stock trading on Monday # 1: Amazon (AMZN)

Best Exchange Trades for AMZN

Click to enlarge

Source: Chart courtesy of TrendSpider

Amazon (NASDAQ:AMZN) has been consolidating for several quarters. Every time he seems ready to break free, he fails and backs down. This is not much different from its other mega-hat brethren. Apple (NASDAQ:AAPL).

While Amazon was sloppy trading the 200-day moving average, the weekly chart above provides more clarity. Notice how it continues to move along the 50-week moving average, bouncing between $ 2,900 support and $ 3,350 resistance.

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Right now, with Amazon resisting, Amazon has some mixed, albeit positive, signals.

This week, stocks undergo a clean test of the 50-week moving average, retracing the 10-week and 21-week moving averages. If he can overcome the resistance, the next upside zone will be $ 3,500- $ 3,550. Above that and we could have a real breakout, potentially up to a 161.8% expansion around $ 3950.

If resistance remains firm, see if the 10-week and 21-week moving averages can support it.

Best stock trading on Monday # 2: Facebook (FB)

The best exchange trades for FB

The best exchange trades for FB

Click to enlarge

Source: Chart courtesy of TrendSpider

Unlike Amazon, Facebook (NASDAQ:FB) was one of the most successful FAANG stocks in recent memory and hit new all-time highs.

After a massive $ 300 downturn, Facebook ran nine trading sessions before returning to the 10-day moving average. This gave us a doji candle followed by a daily rally and then some continuation to $ 337.

Let’s go back to the 10-day moving average, and perhaps this measure has lost its short-term upside potential. However, Facebook also gives us an inside day when Friday’s trading range is completely within the previous day’s range.

If on Monday we get daily gains from Friday’s high, I will again look for a possible move back to $ 337. Above $ 338, there is a 161.8% expansion to $ 342.

The breakout of Friday’s low triggers the 21-day moving average.

Best stock trading on Monday # 3: Nio (NIO)

Best exchange trades for NIO

Best exchange trades for NIO

Click to enlarge

Source: Chart courtesy of TrendSpider

Nio (NYSE:NIO) is finally trading better lately. The stock gave us the opportunity to “look down and fail” at $ 32 before turning around and continuing to grow steadily.

Earlier in June, Nio’s price climbed to $ 41.45 in a month, and then again hit a second-quarter high of $ 43.22 on Friday.

The bulls want it to continue to hold the $ 42 level and the 10-day moving average from here. Ideally, the previous high of the second quarter will actually act as support.

Investors, on the other hand, are likely focused on $ 50 and wondering if Nio will be able to climb that high or if something will undermine the stock first, given their volatility over the past few months.

Best Monday Trades # 4: Bitcoin Cash (BCH-USD)

Best exchange trades for BCH

Best exchange trades for BCH

Click to enlarge

Source: Chart courtesy of TrendSpider

Last but not least, we have Bitcoin Cash (CCC:BCH-USD). This one sees more pain than Bitcoin (CCC:BTC-USD), while not getting so much upside potential during the rally. The recent bounce off the lows has been anemic and continues to meet the 10-day moving average and downtrend resistance (blue line).

From here, it is clinging to the 200-day moving average, but it looks like it wants to slide lower. If so, there will be $ 500 in the game and then support for $ 400 to $ 440.

On the other hand, bulls need to see this break through the 10-day moving average as a first move. We award bonus points if it can also clear the 21-day moving average. But until it stops hitting higher lows and overcomes some of that resistance, I prefer to look for opportunities elsewhere in the crypto space.

As of the date of publication, Bret Kenwell did not have (directly or indirectly) any positions in the securities referred to in this article. The opinions expressed in this article are those of the author and are published on InvestorPlace.com. Publishing rules

Bret Kenwell – manager and author Future blue chips and is on Twitter @BretKenwell

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