4 top stock trades for Friday: AFRM, ADBE, QCOM, COST

Each rally has been sold in this one, as shares have crumbled lower since the November high. Now down almost 40% from Nov. 8, bulls are looking for some relief.

I almost have a bearish engulfing candle on the charts as Affirm blows through this week's low.

If the stock takes out this month's low at $96.44, it puts the gap-fill level at $92.29 in play, along with the 200-day moving average. That may generate a bounce.

So far the stock is finding its footing near the 50-week moving average and the $552 low from October. If we get some sort of bounce or reversal from this area, let's see if Adobe can reclaim the 200-day.

Above that key measure and the post-earnings high is on the table, followed by a gap-fill toward $600.

However, a break of $550 that's not quickly reclaimed could send shares down to the $525 breakout area.

If it leads to further weakness, see how Qualcomm handles the daily VWAP measure, currently near $174.50 and trending higher. This stock has been trading great and even hit new highs by early yesterday.

But let's see where the buyers step in. If it's not at the VWAP, the $168 area could draw some interest. That was the prior high and where the 10-week moving average comes into play.

On the upside, though, I want to see a move back over the 10-day and 21-day moving averages.

From here, let's see if Costco stock can hold the 10-day moving average. If it can, it may be a buying opportunity for bulls.

On the upside, I'm looking for another trigger over $560.78 — call it $561. That immediately puts the recent high back in play at $566.50. Above, that and bulls can start looking for a larger rally.

If this one can set up and start trending higher, the 161.8% extension could eventually be in play, up near $590.