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4 Stocks to buy on Black Friday
2020-11-27 • Updated
The coronavirus cases are steadily rising in the USA, therefore people don’t have any intentions to go to shopping malls. At the same time, sales are sales, and everybody wants to buy things at discounted prices. The only way out is online shopping! Therefore, Black Friday sales will boost e-commerce stocks: Amazon, eBay, Walmart, and Alibaba. Keep in mind that the market is close now and will open only on Monday, that’s why some gaps can appear on the charts.
Let’s start with Amazon. The stock price has already started to rise in anticipation of enormous sales, which will bring huge profits to the sellers by the end. Amazon has broken through both 50- and 100-day moving averages and now is heading to the resistance of $3 225. The move above it will drive the stock higher to the November high of $3 335. Support levels are $3 100 and $3 000.
Alibaba will hugely benefit as well from these sales. If it manages to close above the 50-period moving average of $288.00, the way up to the key psychological mark of $300.00 will be open. Support levels are $270.00 and $255.00.
EBay is edging higher. If it manages to cross the 50-day moving average of $51.15, the way up to the 100-day moving average of $54.00 will be clear. Support levels are $49.00 and $46.50. Have you noticed that all these stocks have a lot more room to the upside? Consider buying the dips!
Unlike all the above stocks, Walmart is trading at its record highs. However, it shouldn’t stop the stock from rising further. It has been moving up inside of the ascending channel for all this year, so we can assume that Walmart will keep going in an uptrend. The breakout of $155.00 will drive the stock to the next round number of $160.00. Support levels are $149.00 and $143.00.
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