4 Top Stock Trades for Thursday: GME, BBIG, RIDE, CLNE

Another low-volume day where the markets failed to garner much traction is leaving some traders frustrated, although the meme-stocks certainly have been entertaining. Now, let’s look at a few top stock trades for Thursday.

Top Stock Trades for Tomorrow No. 1: GameStop (GME)

The meme trade isn’t being led by GameStop (NYSE:GME) this time around, but that doesn’t mean it isn’t in focus. With earnings due up after the close, a lot of traders have this one on their radar.

If we get another squeeze, let’s see if GameStop stock can take out the recent high near $345, as well as the March high at $348.50. If GameStop pushes through this area, $400-plus could be on the table. Above $400 and the all-time high up at $483 may become a focus.

There’s really no telling what this name can do. The market is so whacky these days, but it pays to plan ahead so you know what to do if it happens.

On the downside, watch the $275 to $300 area. This zone has been resistance until the last two days, so bulls want to see a dip to this area act as support. On a break below it, keep an eye on the 10-day moving average.

If we get a sustained move lower, watch the 21-day moving average and the $210 to $220 zone.

Top Stock Trades for Tomorrow No. 2: Vinco Ventures (BBIG)

With its $150 million market capitalization, Vinco Ventures (NASDAQ:BBIG) isn’t one that pops up too often.

However, with the recent price action, traders are certainly paying attention. The stock recently cleared downtrend resistance (blue line), as well as the February and March highs.

If it can push above Wednesday’s high, the 61.8% retracement is in play at $6.55. On the downside, see if it can hold the 10-day moving average and the topside of prior downtrend resistance. Below these measures likely puts a gap-fill in play.

One big concern: Aside from the small market cap, this stock has major divergence on the Williams %R reading.

Top Stock Trades for Tomorrow No. 3: Lordstown Motors (RIDE)

Like the rest of these Reddit meme stocks, Lordstown Motors (NASDAQ:RIDE) has been all over the place lately, but it has also enjoyed some big gains.

Shares were hammered lower on Wednesday, temporarily breaking below the 50-day and 21-day moving averages, as well as uptrend support (blue line). However, that key $12.80 mark is acting as resistance. So is the 10-day moving average.

It’s a mixed bag and not one that’s particularly attractive to me given the stock’s volatile nature and lack of a clear setup. However, RIDE stock is attracting a lot of attention.

If we get a move over Wednesday’s high, look for a possible squeeze up to $15 and the 21-week moving average. Below Wednesday’s low and this stock could see $7.50 to $7.70, followed by a retest of the lows.

Top Trades for Tomorrow No. 4: Clean Energy Fuels (CLNE)

Last week, Clean Energy Fuels (NASDAQ:CLNE) made a nice breakout over downtrend resistance. However, shares struggled with the $10.50 to $10.75 area, as well as with the 50-day moving average.

Well after a couple of days of debate, that riddle has been solved. CLNE stock ripped above all of these marks, climbing as high as $14.50 on the day. From here, I want to see prior resistance act as support. Below $10 and this one could falter again.

If CLNE stock can take out Wednesday’s high, the 61.8% retracement becomes the next target, followed by a possible push toward $17.

On the date of publication, Bret Kenwell did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the biedexmarkets.com.com Publishing Guidelines.

Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell.

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