This story was originally published here.
It was a sluggish day in the markets, as investors turn their attention to Friday — which is a quad-witching day. It’s one of four events this year, as we get a shuffling of various index, options and futures contract rolls. And despite what could be a bumpy Friday morning, let’s look at a few top stock trades.
Top Stock Trades for Today No. 1: Carnival Cruise (CCL)
Carnival Cruise (NYSE:CCL) crept lower, but did not plunge despite releasing disappointing preliminary Q2 results.
The chart here highlights the stock’s explosive move from the May low to the June high. Shares topped out near $25 after failing to reclaim the 38.2% retracement.
Shares are now teetering on the 20-day moving average and uptrend support (blue line). Furthermore, they are clinging to the 23.6% retracement. I’d love to see CCL hold this area on disappointing news, which would only strengthen the bulls’ case.
If it can, look for a rotation back over $20. Over $20, and $22 is possible, followed by the 38.2% retracement. If support fails, though, $15 and the 50-day moving average could be back on the table.
Editor's Note: Click here for the rest of the trades.
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