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After some overnight futures drama regarding the trade deal between the U.S. and China, equities rallied hard. However, breadth wasn’t all that great. That said, let’s look at a few top stock trades for Wednesday.
Top Stock Trades for Today No. 1: Nvidia (NVDA)
Nvidia (NASDAQ:NVDA) spent the last month consolidating its gains in a sideways manner. And after such a robust rally from the March lows, this is about the best case scenario bulls could have hoped for.
Shares are now breaking out over recent resistance at $370, although the move has been slow thus far. Should NVDA continue higher, look to see if the stock can get to the 161.8% extension, which comes into play up at $399.
Bulls will also be targeting the $400 level, a nice round number.
On the downside, however, look for a break of the $370 level. If this former resistance level doesn’t act as support, a drop to the 20-day moving average may be in play, followed by the $340 to $350 area.
Editor's Note: Click here for the other three trades.
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