This story was originally published here.
Equities finally took a slight break on Tuesday, declining a bit after several strong days of rallying. With that in mind, let’s look at a few top stock trades for Wednesday.
Top Stock Trades for Tomorrow No. 1: Advanced Micro Devices (AMD)
Advanced Micro Devices (NASDAQ:AMD) has been quiet for a few weeks now, but started off hot on Tuesday. Shares ended the day up about 6.5%.
While the stock was having trouble reclaiming its 20-day moving average, it continued to hold its 50-day moving average. And although bulls weren’t in strong control necessarily, the setup was hardly bearish.
With a double-bottom near $49, investors had a measured risk/reward. And now, shares are pushing into downtrend resistance.
If AMD stock can continue higher, it puts $58 in play. Above $58, and new all-time highs are possible. Should downtrend resistance keep AMD in check, however, see if the 20-day moving average acts as support. However, below the 50-day moving average is not a good development for longs.
Editor's Note: Click here for the other three trades.
65 Ways You Can Make Extra Cash in This Crazy Environment
With the market crisis moving into our rearview mirror, folks are now looking for ways to get back to making money.
Neil George wants to show you how to get his new book that profiles 65 simple ways to earn large amounts of work-free income.
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And the best part is…
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Here's just a sample of what you can find inside:
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This book is flying off the shelves and this may be the last run of copies we print.
So if you don't claim your copy of Income for Life today, we'll send it to the person behind you in line…