This story was originally published here.
On the first day of trading in the fourth quarter, the stock market got off to a strong start. More stimulus news drove some late day volatility, but it was a solid start to the quarter. With all of that in mind, let’s look at a few top stock trades ahead of the jobs report on Friday.
Top Stock Trades for Tomorrow No. 1: Pinterest (PINS)
Pinterest (NYSE:PINS) stock broke out to new highs on Thursday, as the stock was finally able to push through $42.50.
The stock had been flirting with a move to new highs for a while now, as bulls are being rewarded for their patience. Thankfully, the setup from here is fairly straightforward.
On the downside, bulls need to see $38 to $40 hold as support. If it does, it keeps the recent breakout intact and keeps the risk tilted toward the upside.
On the upside, however, see if shares can push through the two-times range extension at $44.40. Above puts $50 in play, followed by the 261.8% extension up at $55.
Editor's Note: Click here to see the other four trades.
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