This story was originally published here.
Stocks started off under pressure on Tuesday, but found their footing as earnings season gets underway. With that in mind, let’s look at a few top stock trades for Wednesday.
Top Stock Trade No. 1: JPMorgan (JPM)
For both JPMorgan (NYSE:JPM) and Delta Air Lines (NYSE:DAL), a little more post-earnings movement would have been nice. At least, from a trading perspective.
JPMorgan kicked off earnings seasons with a top- and bottom-line beat. However, the stock is not moving all that much. On the plus side, though, it’s not going down (and that price action may be an even larger positive for Delta).
Sticking with one of, if not the best bank in the sector, this name is giving us a tight two-day pre- and post-earnings range. That is very unusual in any stock.
Below the two-day low (from yesterday) at $96.31, and the stock is likely to test into the 20-day and 50-day moving averages currently near $95.20. Below that puts $91 in play, followed by uptrend support.
Over the two-day high (from today) at $99.95, puts $102 in play, followed by the 50% retracement near $106. Above that, and the 200-day moving average and the June high up at $114.65 are possible.
Editor's Note: Click here to keep reading.
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