3 Big Stock Charts for Friday: Lyft, HD Supply, and Melco Resorts & Entertainment

Friday's big stock charts feature three names with the potential for a breakout or at least a bounce

The big stock charts featured this week have mostly been cautious at best. Owing to skittish broad market trading amid coronavirus fears, the focus mostly has been on stocks with potential downside, particularly if U.S. stocks began a long-awaited correction.

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Source: Shutterstock

But it’s worth remembering that the financial news of the past few sessions hasn’t been that bad. Equities showed strength on Thursday, with all three major indices rallying into the close to post solid gains for the day. Those indices still are not far from all-time highs.

Underlying performance continues to be reasonably strong. Indeed, the three most valuable U.S. companies have posted impressive results this week, assuming Amazon (NASDAQ:AMZN) passes Alphabet (NASDAQ:GOOG,NASDAQ:GOOGL) for third place. And Amazon likely will move in behind Apple (NASDAQ:AAPL) and Microsoft (NASDAQ:MSFT) after a blowout fourth quarter report on Thursday afternoon.

In that vein, Friday’s big stock charts take a more optimistic perspective, focusing on names with potential upside ahead. Two of these stocks have attractive technical setups. Another has room for a bounce after support held. As always, broad market sentiment has to cooperate. But investors looking for trades with upside should take a long look at these three charts.

Lyft (LYFT)

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Source: Provided by Finviz

Lyft (NASDAQ:LYFT) stock has struggled since its initial public offering ten months ago. And no doubt many investors remain deeply skeptical of the ride-sharing model.

But the first of Friday’s big stock charts shows an attractive technical setup and a potential catalyst looming just a week and a half out:

HD Supply (HDS)

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Source: Provided by Finviz

HD Supply (NASDAQ:HDS) has a similar chart, but with one key difference: it looks like the breakout has begun. The second of our big stock charts looks bullish, and the industrial distributor has a solid fundamental case as well:

Melco Resorts & Entertainment (MLCO)

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Source: Provided by Finviz

Melco Resorts & Entertainment (NASDAQ:MLCO) unsurprisingly has had a rough couple of sessions. The company’s casino operations in Macau are under significant threat from the spread of coronavirus in China and Asia more broadly.

But as the third of Friday’s big stock charts shows, there is hope for a reversal:

As of this writing, Vince Martin has no positions in any securities mentioned.