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4 Top Stock Trades for Tuesday: Litecoin, BB, LCID, OCGN

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The S&P 500 closed lower in the last five sessions. But thanks to an afternoon push, bulls avoided a sixth-straight daily decline. That being said, let’s look at a few top stock trades as we near mid-month.

Top Stock Trades for Tomorrow No. 1: Litecoin (LTC-USD)

Top stock trades for Litcoin
Click to Enlarge

Source: Chart courtesy of TrendSpider

Litecoin (CCC:LTC-USD) was scorching higher on the day, up 30% on the day as Walmart (NYSE:WMT) was supposedly set to start accepting certain crypto payments. That press release proved to be false, erasing all of Litecoin’s gains on the day, and then some.

At one point, Litecoin rotated over the $232.41 high from earlier this month. Not only did the stock break below that mark (no surprise there), it failed to hold the 10-day and 200-day moving averages.

However, it is holding the 50-day moving average. At least for now. Should this level fail, Litecoin will face the vital $164 level. That has been key support for more than a month now.

If it breaks below it, we could see $150 next, followed by a potential test down into the low-$100s.

Otherwise, Litecoin bulls need to see support hold, then for the crypto to reclaim the 200-day moving average and $200.

Top Stock Trades for Tomorrow No. 2: BlackBerry (BB)

Top stock trades for BB
Click to Enlarge

Source: Chart courtesy of TradingView

BlackBerry (NYSE:BB) has seen some extreme price action this year due to the “Reddit Rallies” in certain stocks. That’s evident on its surge above $28 in January and $20 in May.

Since then, BlackBerry continues to put in a series of higher lows, even though those lows remain quite volatile.

On the downside, let’s see that uptrend support (blue line) continues to hold as support. If it fails, the $9.50 level and 50-week moving average become must-hold support marks, otherwise it puts the 200-week moving average in play.

On the upside, though, I want to see if BlackBerry can reclaim the 10-week and 21-week moving averages. If it can, $12 is on deck, followed by a potential push to the 61.8% retracement near $16.

Top Stock Trades for Tomorrow No. 3: Lucid Motors (LCID)

Top stock trades for LCID
Click to Enlarge

Source: Chart courtesy of TrendSpider

The stock chart for Lucid Motors (NASDAQ:LCID) doesn’t look great, but bulls aren’t completely without hope.

Remember earlier this month when Lucid gapped below $17.50, but reclaim this mark and so we called it an aggressive long?

It was aggressive because of the volatility, but we had a very defined level of risk against the low (at $16.12). That was also the opening price that day, showing it rallied right from the get-go.

LCID stock has now filled the gap near $20, but it’s struggling near this area as it dances with the 10-day moving average.

If Lucid resolves higher, see if it can clear $21. Above that level puts the 200-day and 50-day moving averages in play, followed by a potential rally to $25.

If LCID stock loses the $20 level, it puts the key $17.50 level back in play.

Top Stock Trades for Tomorrow No. 4: Ocugen (OCGN)

Top stock trades for OCGN
Click to Enlarge

Source: Chart courtesy of TrendSpider

Just this weekend, I was writing an article for InvestorPlace detailing the tightening wedge formation in shares of Ocugen (NASDAQ:OCGN). Now after gaining almost 16% on the day, Ocugen is trying to resolve to the upside.

That said, wedge resistance is still keeping a lid on the stock price. The $7.50 and $8 level have been areas of interest over the last few weeks, but OCGN stock was able to blow through these levels.

I now want to see OCGN stock hold $8 as support and continue to push against downtrend resistance. If it clears this trend line, $9.35 is the next upside target.

Below $8, and the 10-day and 50-day moving averages could be in play. Below wedge support puts the 200-day moving average on the table.

While the stock is acting bullish, remember that these pops have had trouble maintaining momentum. That doesn’t mean this one will too, I’m just putting the caution out there.

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.

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

The post 4 Top Stock Trades for Tuesday: Litecoin, BB, LCID, OCGN appeared first on InvestorPlace.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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