Buy Micron Stock, Sell Home Depot Inc And CytRx Corporation - Top Crossover Trades For Today

Here is a summary of today's important moving average crossovers. Shares of Micron Technologies, Inc (NASDAQ;MU) have bounced back above their 100-day moving average. MACD has also turned bullish. Home Depot Inc (NYSE:HD) Inc stock tanked over 3% in spite of an earnings beat, and has fallen below its 100-day moving average. CytRx Corporation (NASDAQ:CYTR) stock is down by over 5.5%. If you want to see the complete set of technical trading ideas for today check them out here.

Micron Technology, Inc (NASDAQ:MU) stock makes a bullish crossover. Headed higher?

Shares of memory chip maker, Micron (NASDAQ:MU) bounced back above the 100-day moving average after the stock gained over 1.5% during yesterday's trade. The stock had crossed below the 100-day moving average line on July 31st for the first time in more than a year. Micron stock tried to bounce back in the second week of August. However, it retreated after facing resistance from the 100-day moving average.

However, Micron stock has been in a strong bullish trend and had gained by over 45% this year, before giving up some of the gains after late July. The bullish sentiment around the stock is also bolstered by the Moving Average Convergence Divergence. The MACD crossed over the signal line, indicating a bullish momentum. Micron stock is poised to head higher.

MU Technical chart

Home Depot Inc (NYSE:HD) stock tanks despite a beat.

Atlanta based home improvement retailer Home Depot Inc (NYSE:HD) reported its second quarter FY 2017 earnings yesterday, before the market opened. Home Depot delivered a beat on both the top and bottom line. Q2 EPS came in at $2.25, $0.04 beating analysts estimates by 4 cents, while revenues came in at $28.18 billion, $300 million higher than expected. Comparable store sales also performed well, growing 6.3% YoY against the expected 4.9% YoY growth.

However, in spite of this strong performance, Home Depot stock sold off over 3% in yesterday's trade as the fear of 'amazonification' dragged the shares downward. While Amazon's success has been weighing heavy on most of the retail and wholesale chain's Home Depot was considered to be "Amazon Proof". Home Depot has clear advantages with the Do-It-Yourself (DIY) and the professional contracting crowd that form the core of its buyers. However, yesterday's stock reaction shows that even Home Depot may not be completely shielded from Amazon's success.

With over 3% drop during yesterday's trade, Home Depot stock breached the 100-day and 50-day moving average support lines, on higher volumes, indicating that the stock is likely to continue its downtrend for some more time.

HD Technical chart

CytRx Corporation (NASDAQ:CYTR) stock makes a bearish crossover.

After hitting a 52-week high in July end, Shares of Los Angeles based oncology drug specialist, CytRx (NASDAQ:CYTR) have remained in a downtrend. CytRx stock has lost over 40% since then. Over the past week, the stock had been facing strong resistance from the 50-day moving average. CytRx stock crossed below the 100-day moving average line after the stock tanked over 5.5% in yesterday's trade. The 100-day moving average had provided strong support to CytRx stock over the last few months. CytRx stock had bounced back after testing the 100-day moving average line on a couple of occasions last month. MACD has also turned bearish, indicating that the stock could continue to head lower.

CYTR Technical chart

Looking for fundamentally better tech stocks? Check out Amigobulls' top stock picks from the tech sector, which have beaten the NASDAQ by over 140%. Interested in automotive stocks? Then, we also have our top picks from the auto sector, which have beaten the S&P 500 by a massive 240%.


Kumar Abhishek Kumar Abhishek   on Amigobulls :

Neither Amigobulls, nor any members of its staff hold positions in any of the stocks discussed in this post. The author may not be a certified/registered investment advisor, and the opinions expressed should not be treated as investment advice.

Buying and selling of securities carries the risk of monetary losses.Readers/Viewers are advised to carry out their own due diligence and consult their investment advisors before making any investment decisions.

Neither Amigobulls, nor the author have any business relationship with any of the companies covered in this post.

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