5 Top Stock Trades for Tuesday: CPB, AMBA, MRVL, BIG

Bulls wouldn’t go down without a fight, but they weren’t strong enough to keep the markets elevated heading into the long holiday weekend. Here are our top stock trades after a busy Friday.

Top Stock Trades for Tomorrow #1: Campbell Soup

Could the setup “be” any more perfect in Campbell Soup (NYSE:) for earnings?

Okay, so moving on from our very touching Friends tribute as it approaches its 25-year anniversary in a few weeks, the setup really was perfect in CPB.

Shares were forming a tight ascending triangle, a bullish technical pattern where rising uptrend support squeezes the stock against a static level of resistance. That resistance was in play around $42.50.

CPB exploded over that level on Friday, racing up to $48 where it hit stiff, multi-year resistance.

I would love to see the stock maintain above the 200-week moving average now and build on its recent momentum in the holiday-shortened trading week to start September. If it can, look to see if we get another run up to $48. On a retreat, see that $42.50 holds as support, as well as the 10-week moving average.

Top Stock Trades for Tomorrow #2: Ambarella

Ambarella (NASDAQ:) is also putting together a strong rally on Friday, up almost 20% on the day. The move vaults shares over $50 resistance and the 200-day moving average at $48.80.

Bulls now must see these two levels hold as support. Further, the stock now has room to rally up to $65, another 15% above current levels.

Top Stock Trades for Tomorrow #3: Marvel Technology

First it was up, then it was down, then Marvel Technology (NASDAQ:) was near flat going into Friday’s close.

The stock was rejected by the 20-day and 50-day moving averages, as well as downtrend resistance (blue line). Investors now need to see $23 hold as support. If it holds, a retest of resistance is in the cards.

If it fails, the May lows at $21.25 may be on the table. Further, the 200-day is down at $21 and rising, while the 50% retracement is near $21 as well. Over $25 and MRVL can gain upside momentum.

Top Stock Trades for Tomorrow #4: Dell Technologies

Dell Technologies (NYSE:) is jumping almost 10% on the day, but is now ping-ponging between a few key levels.

The good news: Dell stock is back over the 20-day moving average and the key $50 level. It’s also out of that nasty downtrend channel (blue lines).

The bad news: The 50-day moving average and the 61.8% retracement both rejected Dell stock, sending shares lower.

Bulls now needs to maintain above $50 and the 20-day moving average. If they can, it will increase the odds of taking out Friday’s high, and thus the 50-day moving average and 61.8% retracement. From there, it puts $58 back on the table.

Bears need to crack $50 and the 20-day, putting $46 back on the table.

Top Stock Trades for Tomorrow #5: Big Lots

Like Dell, Big Lots (NYSE:) is bouncing between a few key levels on the charts. Unlike Dell though, BIG is not ending the day on a high note. Shares are up more than 2% and above $22.50, but are well off session highs at $25.74.

Shares were promptly rejected from the key $25.50 to $26 area, as well as the 50-day moving average.

While up on the day, the action was not very encouraging. If it can maintain above the 20-day moving average and downtrend resistance (blue line), bulls still have a case to make.

    However, I’d much rather wait to see BIG over the 50-day moving average, putting $26 back on the table. Below the 20-day and $20 is on the table.

    Bret Kenwell is the manager and author of and is on Twitter @BretKenwell. As of this writing, Bret Kenwell did not hold a position in any of the aforementioned securities.

    The post 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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