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Technical Update - Meta, Apple, NVidia & Tesla
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
Summary: Meta uptrend very stretched and short-term correction could be seen. But no strong resistance until around 320
Apple making all-time highs almost daily could extend uptrend
Nvidia uptrend extremely overbought and seems to be stalling. A correction could unfold.
Tesla gapped higher and is on course to 313
Meta uptrend has since lates last year been in an almost 45 degrees ancle in a very narrow rising channel pattern, with only minor corrections. Meta has reached levels not seen since prior to the massive sell-off back in Q1 2022.
The uptrend is very stretched and on daily chart there is massive RSI divergence indicating a weakening of the uptrend short-term
A correction could occur anytime soon but confirmation is needed. If Meta closes below its lower rising trendline and below 277.60 a swift sell-off down to support at around 260 could be seen.
A close below 260 could extend a correction further to 250-243.
However, on the weekly chart there is no RSI divergence indicating Meta is likely to extend its uptrend. An uptrend that could continue to resistance at around 320-328.
To reverse the medium-term uptrend a close below 230 is needed
Apple gapped higher Friday last week extending uptrend and cancelling its RSI divergence with a higher RSI value.
To demolish the short-term bullish picture a close of the gap from last week could be first indication i.e., a close below 189.59. If that plays out a correction down to 184-177 could be seen
However, weekly chart with no RSI divergence also draw the picture of likely higher Apple price.
There is no overhead resistance. $200 is not unlikely to be reached shortly.
Nvidia uptrend seems to be stalling. There is RSI divergence on daily chart indicating a correction could unfold.
However, trend is still up but if Nvidia closes below 401 a sell-off down to key support at around 374.75 is in the cards.
The gap down to 316.78 is crucial.
RSI on the weekly chart is indicating Nvidia is overbought with a value above 80, but there is no divergence suggesting Nvidia could move to higher price levels.
If Nvidia closes below 401 a larger correction could unfold a close below 374.75 will confirm that. Next couple of weeks could be decisive.
Tesla gapped higher Monday to record a new year high and seems set for further upside. No resistance until around 313.
There is RSI divergence on daily chart but no divergence on weekly RSI.
To demolish the short-term bullish picture a close of the gap i.e., a close below 261.75 is needed.
To reverse the medium-term uptrend a close below 240.70 is needed. First indication for this to unfold would be a close
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