chart, histogram: Beyond Meat Surges BYND


© Source: Chart courtesy of StockCharts.com
Beyond Meat Surges BYND

After a monstrous day on Monday, stocks took a breather on Tuesday, spending most of the day near flat. That doesn’t mean some of our top stock trades weren’t putting together big moves though. With all of that in mind, let’s have a look.

Top Stock Trades for Tomorrow No. 1: Beyond Meat (BYND)




chart, line chart: Beyond Meat Surges BYND


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Beyond Meat Surges BYND

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Beyond Meat (NASDAQ:BYND) was in focus today, rallying more than 10% until it ran into resistance.

That resistance came in the form of the 138.2% extension and the June highs between $160 and $165. This area stymied Beyond Meat’s summer rally, as shares ultimately faded lower.

On the plus side, it allowed the stock to carve out a notable low around $120.

Let’s see if we can get a close above the 138.2% extension with this one. If so, it could trigger an eventual move up toward the 161.8% extension near $190. Until the trend becomes invalidated, bulls can look to buy the dip into the 10-day moving average and uptrend support (blue line).

Top Stock Trades for Tomorrow No. 2: Shopify (SHOP)




chart: Beyond Meat Surges SHOP


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Beyond Meat Surges SHOP

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Source: Chart courtesy of StockCharts.com

After an enormous rally from the March lows, Shopify (NYSE:SHOP) has done well this summer. However, it has struggled to push through the $1,100 area.

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Its failure to break through ultimately led to a pullback. Eventually shares were able to reverse off $850 on Sept. 17. I think it’s important to highlight the fact that when the Nasdaq Composite made new lows on the 21st and 24th, Shopify did not.

Now reclaiming the 50-day moving average on Tuesday, let’s see