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Technical Update - Apple, Microsoft, Meta, Amazon, Alphabet, Nvidia and Tesla
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
Summary: Big names; Apple, Microsoft, Meta, Amazon, Alphabet, Nvidia and Tesla have either turned bearish or are drawing top and reversal patterns that are on the brink of confirmation
Apple failed to close the gap from early August and got hammered yesterday. Despite RSI showing positive sentiment down trend is likely to resume with a potential move down to support area around 170-166.
For Apple to close the gap and reverse to uptrend a close above 191.17 is needed Microsoft (MSFT) is testing the key resistance at around 335.14.
RSI is currently being rejected at the 60 threshold i.e., still in negative sentiment. MSFT could be hit by increased selling pressure towards key strong support at around 312.29. A close below is likely to send MSFT lower towards 295-290 support area.
Meta Strong resistance at around 306.19 needs to be taken out by a daily close above for Meta to confirm an uptrend.
RSI showing negative sentiment and needs to close above 60 threshold to reverse to positive.
A probable scenario is for Meta to be caught range bound between 306 and 275 the next 5-8 trading days before break pout.
A close below 2741 could fuel a sell-off down to around 230 level with strong support at around 260.
A close above 306.19 is likely to fuel a rally towards August peak, possibly higher, around 326
RSI showing negative sentiment and needs to close above 60 threshold to reverse to positive.
A probable scenario is for Meta to be caught range bound between 306 and 275 the next 5-8 trading days before break pout.
A close below 2741 could fuel a sell-off down to around 230 level with strong support at around 260.
A close above 306.19 is likely to fuel a rally towards August peak, possibly higher, around 326
Amazon AMZN still trading above its medium-term rising trend line but the uptrend is weakening, illustrated by the RSI divergence.
A close below 131 will confirm bearish trend and could ignite a sell-off that could push AMZN down to 126 -120 short-term.
Alphabet (GOOG) is still in an uptrend trading in a rising Wedge like pattern.
The uptrend is weakening however, illustrated by the RSI divergence.
If GOOG is closing below the lower rising trendline the gap area 127.85-125.70 is likely to be tested. If GOOG is closing the gap i.e., closing below 125.70 it could fuel a sell-off down to around 115.80 – the upper level of the lower gap area.
If GOOG is taking out peak at 138.58 there is room up to around 143.85
The uptrend is weakening however, illustrated by the RSI divergence.
If GOOG is closing below the lower rising trendline the gap area 127.85-125.70 is likely to be tested. If GOOG is closing the gap i.e., closing below 125.70 it could fuel a sell-off down to around 115.80 – the upper level of the lower gap area.
If GOOG is taking out peak at 138.58 there is room up to around 143.85
Nvidia (NVDA) formed a Marubozu candle a few days ago. (Market open price and highest price are almost same level and closing price and lowest price almost same level). Sellers had been in control throughout the (Marubozu) session and still seem to be in control.
Buyers have been failing to close NVDA above its peak at 502.66 which is needed to demolish the top and reversal picture.
If NVDA is closing below 445.60 selling pressure could increase taking it down to support at around 406.30, possibly down to the upper part of the big gap back from May at around 373.50
Buyers have been failing to close NVDA above its peak at 502.66 which is needed to demolish the top and reversal picture.
If NVDA is closing below 445.60 selling pressure could increase taking it down to support at around 406.30, possibly down to the upper part of the big gap back from May at around 373.50
Tesla (TSLA) seems to having trouble closing above the 55 daily Moving Average and push RSI to close above 60 threshold which means the indicator is still in negative sentiment indicating Tesla is likely to resume downtrend shortly.
A downtrend that could take Tesla down to August lows around 214.
A close above 265.10 will demolish the bearish picture instead confirming uptrend that could lift Tesla back to around 300 Latest Market Insights
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