Bulls are working on a third-straight day where upside volume eclipses the 80% mark. If that’s the case — even ahead of a holiday weekend — it shows renewed demand in the market. The key now will be holding the low. With all of that in mind, let’s look at a few top stock trades for next week.
Top Stock Trades for Tuesday No. 1: Ethereum (ETH-USD)
There may be renewed demand in the stock market, but we’re not seeing it in the cryptocurrency market. As the stock market tries to take out last week’s high, Ethereum (ETH-USD) is clinging to this month’s low and key support near $1,730.
If this area fails, bulls risk a deeper decline, potentially down into the $1,400 to $1,500 zone. However, losing this level deals a significant blow to confidence. It’s a major support area, so to see it fail would really show who’s in control — the sellers.
On the upside, the prior 2022 low near $2,150 was most recently resistance. The 10-day is also active resistance. If Ethereum can clear the latter — then the 21-day — it opens the door back to $2,150.
Top Stock Trades for Tuesday No. 2: ARKK ETF (ARKK)
The Arkk Innovation Fund (NYSEARCA:ARKK) is key in this market because it’s the bellwether for growth stocks. It’s now going weekly-up, while also clearing the 10-day and 21-day moving averages over the past two sessions.
A close above $44.50 and holding above that level will keep the $50 to $52 area in play. If ARKK gets there, we have the 50-day and 10-week moving averages, as well as prior support turned resistance.
On the downside, however, a drop back below $44 keeps the 10-day and 21-day moving averages in play. Below that and $40 remains vulnerable, followed by $35.
Top Stock Trades for Tuesday No. 3: BlackBerry (BB)
The meme stocks have been popping off lately and that includes everything from GameStop (NYSE:GME) to BlackBerry (NYSE:BB). We wrote about GME the other day. Now, it’s BlackBerry’s turn.
So far, the stock is taking out the May high, as well as the 10-week and 50-day moving averages. However, it’s stalling at $6.70, which was former support in April and now serves as the 61.8% retracement of the current range.
If it can clear this level, then $7 is in play next. Above that could open the door to the key $8 level.
On the downside, though, bulls don’t want BlackBerry to lose $6. That will put it below almost all of its key measures and moving averages.
Top Trades for Tuesday No. 4: Dell Technologies (DELL)
Dell Technologies (NYSE:DELL) came roaring back to life on Friday, up nearly 13%. However, where it faded from at the session high is significant.
The stock tagged the 61.8% retracement and nearly hit the 200-day. While it’s still up nicely, this area was clearly a “take profits” zone for investors. Now it gets interesting.
On the upside, this is the clear level to hurdle. Above these two measures and $55-plus is on the table.
On the downside, however, $47 becomes a line in the sand. That’s where we find the 50-day and 10-week moving averages. If Dell breaks below those measures, it could go on to fill the gap down near $44.50.
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 InvestorPlace.com Publishing Guidelines.