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Fixed Income Outlook: Bonds Hit Reset. A New Equilibrium Emerges
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Head of Fixed Income Strategy
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Technical Update - Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Summary: A short walk through of the technical picture on the Magnificent seven that have driven most of the Index gains in 2023
For a more detailed explanation with both daily and weekly charts please follow this link to a video: Cramers Corner Technical Update Global Equities
Alphabet rejected at resistance at around 143.85. Still above Cloud and and above lower rising trendline.
A close above 143.85 is likely to fuel another rally to 150-152.
A close below 160.35 will demolish this scenario and could send Alphabet towards 120-115
Amazon uptrend stalling. However, Daily RSI still in positive sentiment with no divergence indicating Amazon is likely to move higher in coming weeks.
A close below 142.80 will demolish the bullish picture
Apple uptrend ran out of steam after making a new all-time high. Gapping lower there is some support at around 182.91
However, RSI is below 40 threshold i.e., in negative sentiment indicating Apple is quite likely to move lower in coming weeks.
For Apple to resume uptrend a close above 195 is needed
However, RSI is below 40 threshold i.e., in negative sentiment indicating Apple is quite likely to move lower in coming weeks.
For Apple to resume uptrend a close above 195 is needed
Meta Platforms rejected at 353.65 resistance. If closing below 342.90 correction could push Meta shares down to around 325 level.
However, RSI still positive sentiment with no divergence is indicating Meta is likely to move higher after a correction.
A close below 313.60 will however, demolish the bullish scenario
However, RSI still positive sentiment with no divergence is indicating Meta is likely to move higher after a correction.
A close below 313.60 will however, demolish the bullish scenario
Microsoft is forming a symmetrical triangle-like pattern. Break out direction is key.
However, if breaking bearish out I would wait to see if Microsoft is closing below support at around 362.90. If it does a larger sell-off could occur. A sell-off that could take the share price down to 350-340
A bullish breakout Microsoft is likely to perform new all-time highs.
However, with RSI divergence on both daily and weekly time period
However, if breaking bearish out I would wait to see if Microsoft is closing below support at around 362.90. If it does a larger sell-off could occur. A sell-off that could take the share price down to 350-340
A bullish breakout Microsoft is likely to perform new all-time highs.
However, with RSI divergence on both daily and weekly time period
Nvidia is once again rejected at the strong resistance around 505.48. If closing below 450.10 it could fuel a heavy sell-off down to around 400.
A close above 5050.48 will most likely take out a lot of stops and short positions pushing Nvidia to 542 level
A close above 5050.48 will most likely take out a lot of stops and short positions pushing Nvidia to 542 level
Tesla closed Wednesday back below its falling trendline and is testing the upper part of the Cloud. If sellers keep in control pushing Tesla to close below 225.95 there is more downside in the cards.
RSI will thereby also close below 40 i.e., in negative sentiment adding to a bearish scenario where Tesla could drop to around 195
To resume uptrend a close above the Bearish Engulfing i.e., a close above 265.13 is needed
RSI will thereby also close below 40 i.e., in negative sentiment adding to a bearish scenario where Tesla could drop to around 195
To resume uptrend a close above the Bearish Engulfing i.e., a close above 265.13 is needed
Author is holding a position in Alphabet and Amazon
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