Macro: Sandcastle economics
Invest wisely in Q3 2024: Discover SaxoStrats' insights on navigating a stable yet fragile global economy.
Technical Analyst, Saxo Bank Group
Nvidia bullish trend seems to be exhausting 600 could initiate A close below 600 could fuel a corrective sell-off .
A Doji Evening like top and reversal like pattern has been formed (although the candle yesterday ideally should be a more bearish candle). However, combined with RSI divergence Nvidia could be hit with a correction over the next few days and weeks.
How big a correction is hard to say but a 0.382 retracement at around 573 should be minimum, but a bearish correction down to the 0.618 retracement at 535 should not be ruled out.
A close above 634,95 will demolish the bearish scenario resulting in an extension of the bullish trend.
Meta Platforms a correction could be unfolding. Possibly down to test its lower rising trendline but a test of support at around 361.90 should not be ruled out.
If breaking below 361 further selling down to around 345 could be seen.
If RSI is closing below its rising trendline the above mentioned corrective scenario is quite likely to unfold.
Amazon correction is unfolding. How deep it will be is a bit up in the air. Daily and weekly could be giving mixed signals.
Short-term there is support around 154 but a dip down to around 159.12 seems quite likely.
However, if Amazon is closing the weekly i.e., Today Amazon is open higher and a closed above 161.75 could fuel another rally towards all-tie high at around 188.65
Disclaimer
The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website. This content is not intended to and does not change or expand on the execution-only service. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.
Please read our disclaimers:
- Notification on Non-Independent Investment Research (https://www.home.saxo/legal/niird/notification)
- Full disclaimer (https://www.home.saxo/en-gb/legal/disclaimer/saxo-disclaimer)