3 top stock trades for Thursday: TSLA, PG, BA

Wednesday's rally was enough for Tesla stock to break back out over the 10-day, 21-day and 50-day moving averages.

If it dips, that's fine — particularly after such a lofty run. However, bulls will need to see the stock hold the 50-day moving average for it to remain constructive. If it loses the 21-day, we could see last week's low at $1,020.

On the upside, however, a move over the 61.8% retracement opens the door to the December high near $1,172. Above that, and this month's high is in play near $1,200.

However, I would much rather have an inside-and-down rotation below today's low. Why? Because that could set up the stock for a test of the 10-week moving average, which gives us a better risk/reward setup.

Either way, P&G is one to keep on your radar for the time being.

Boeing traded really well on Tuesday, bouncing hard off the 50-day. The stock had a short but clear bull flag consolidation going on — even with Tuesday's rally — so yesterday morning's rally made it look like Boeing could rip higher.

Unfortunately, the stock could not hold onto its weekly-up rotation. From here, the action is just OK. I want to see Boeing take out the $219 level, which is roughly last week's high. Above that puts Wednesday's high in play, followed by the 200-day.

On the downside, though, a break lower could put the December high in play near $212.70, as well as the 10-day moving average.