chart: top stock trades for NIO


© Source: Chart courtesy of StockCharts.com
top stock trades for NIO

A poor jobs report and news that President Donald Trump has tested positive for Covid-19 weighed on the stock market on Friday. With that in mind, let’s get to some top stock trades in the meantime. 

Top Stock Trades for Monday No. 1: Nio (NIO)




chart: top stock trades for NIO


© Provided by InvestorPlace
top stock trades for NIO

Click to Enlarge

Nio (NYSE:NIO) reported solid third-quarter delivery results on Friday, but you wouldn’t know it by the stock’s reaction. Same with Tesla (NASDAQ:TSLA).

However, unlike Tesla, Nio stock isn’t wavering as much. In fact, the stock is holding up near its prior breakout level.

In late August and early September, Nio stock was rejected by the $21 level. It didn’t help that the company raised additional funds and the stock market took a solid dip (as did Tesla).

However, Nio never broke stride, as uptrend support continued to hold (blue line). This week, shares were able to breakout over $21 and hit the 161.8% extension (for the entire range).

Let’s see if the stock can continue to hold up over the 10-day moving average. If it can, it will keep bulls looking for a move over $22.59, the current all-time high. Above that could trigger a rally to the two-times range extension all the way up near $26.40.

On the downside, a break of the 10-day moving average puts uptrend support and the 50-day moving average in play.

Top Stock Trades for Monday No. 2: Bed Bath & Beyond (BBBY)




chart: top stock trades for BBBY


© Provided by InvestorPlace
top stock trades for BBBY

Click to Enlarge

Source: Chart courtesy of StockCharts.com

Earlier this week, Bed Bath & Beyond (NASDAQ:BBBY) reported a much better-than-expected earnings result. Now, shares are ramping higher on



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


© Provided by InvestorPlace
Beyond Meat Surges BYND

Click to Enlarge

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


© Provided by InvestorPlace
Beyond Meat Surges SHOP

Click to Enlarge

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.

Loading...

Load Error

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



a blue car parked in a parking lot: Nio


© Nio
Nio

  • Deutsche Bank lifted its profit and sales forecasts for Chinese electric car manufacturer Nio on Tuesday, citing the company’s promising move into the premium autos sector.
  • In a note probing whether Nio can be “the next iconic auto brand,” analysts led by Edison Yu cited growing favorability in the expanding Chinese market.
  • One recent study found Nio boasts higher odds of customer referral in the country than Tesla, BMW, and Mercedes Benz.
  • Deutsche Bank reiterated its “buy” rating and $24 target price for Nio shares. The target implies a 28% leap from Monday’s closing level over the next 12 months.
  • Watch Nio trade live here. 

Nio may not have the intense following enjoyed by industry leader Tesla, but Deutsche Bank thinks the electric car manufacturer can quickly dominate the expanding Chinese market.

Loading...

Load Error

In a Tuesday note delving into whether the company can become “the next iconic auto brand,” analysts led by Edison Yu highlighted Nio’s growth in the competitive electric-vehicle market. For one, sales are trending higher. The team projected record third- and fourth-quarter deliveries and raised its estimates for full-year sales and earnings.

“As [battery-powered electric vehicle] adoption increases and word of mouth spreads, we believe Nio can take material share in the premium segment as consumers begin to understand the value proposition and quality of its products and services,” Deutsche Bank said.

Read more: JPMORGAN: The best defenses against stock-market crashes are delivering their weakest results in a decade. Here are 3 ways to adjust your portfolio for this predicament.

The lifted forecast backs the firm’s “buy” rating and $24 price target for Nio shares. That target implies a 28% rally from Nio’s Monday closing level over the next 12 months.

Nio gained as much as 7% following the note’s release.

Some investors