Technical Update - Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla. How will they be performing towards Christmas?

Technical Update - Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla. How will they be performing towards Christmas?

Equities 5 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Alphabet A (GOOGL) jumped yesterday to close back above the Cloud (shaded area) resuming the bullish scenario.
RSI bounced off the 40 threshold i.e., still showing positive sentiment indicating likely higher share price levels.

A close above 139.42 and an RSI close above 60 will further be confirming the bullish picture with potential to all-time high around 151.55

A close below 127.90 will reverse the bullish trend likely sending the share price down to around 120
Source all charts and data: Saxo Group

Amazon AMZN uptrend seems to be stalling somewhat. The Doji Evening star like pattern (circled) is indicating a top a reversal. However, it is not the most perfect textbook pattern which is a weakness suggesting it can be cancelled. A close above 149.26 will  cancel it with Amazon resuming uptrend.

And uptrend with potential to resistance around 167

A close below 142.80 is likely to fuel a sell-off down to strong support around 135.29

Divergence on the RSI is indicating exhaustion of the uptrend but a higher Amazon close and an RSI close above its falling trendline is likely to cancel the divergence pointing to higher levels

Apple AAPL is in an uptrend but with RSI divergence indicating an exhaustion od the trend. However, currently the RSI is testing its falling trendline and if RSI is closing above the falling trendline previous all-time high at around 198.23 is likely to be broken.

A close above 198.25 could give potential to 210 level.

However, if RSI is failing in closing above the dashed horizontal line the divergence persists limiting the Apple uptrend. A close below 187.45 is likely to fuel a sell-off down to test strong support at around 182

Meta (facebook) has bounced off the 55 DMA and the RSI is bouncing from the 40 threshold indicating Meta is to resume uptrend. RSI is not showing divergence suggesting Meta is to trade higher above 343.
If that scenario plays out there is potential to 361-372.

A close below 31360 will demolish the bullish picture and could initiate a sell-off down to 274

Microsoft MSFT is in a bit of a limbo at the moment. The All-time high recorded last week came under RSI divergence indicating an trend exhaustion.

However, RSI is still showing positive sentiment and if Microsoft can close above 374.50 and RSI can is closing back above 60 threshold the uptrend is likely to resume with a test of the all-time high to follow.
However, if that scenario plays out Microsoft would have potential to around 392-400

A close below 362.90 a sell-off down to around 340.50 could be seen. The rising 55 DMA will give some support however, possibly limiting a bearish move
Nvidia NVDA is holding on above the 55 and the 100 DMA and above the Cloud (shaded area).
RSI sentiment is still positive despite indicating divergence on  the peaks but if NVDA can break above 474 a re-test of the previous peak level just above 500 is likely to be tested and taken out. If that scenario plays out there is short-term potential up to 550-560

A close below 450 is likely toe extend the current downwards move/correction to the strong support around 400

Tesla is struggling to gain upside momentum after closing above 242.64 thus closing the gap area.
Rejected at the falling trendline Tesla shares are trading around the declining 100 DMA.

When Tesla did close above 242.64 last week RSI also closed above 60 threshold meaning it is showing positive sentiment but Tesla share price has not yet been benefitting from it.

For Tesla to gain upside momentum a close above the upper falling trendline Is needed. IF that scenario plays out there is short-term potential to 275-280.

A close below 225 is likely to confirm a downtrend with potential 195 177 levels

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