Mag7 Tech Stocks - Edition #13
The Bulls are back!
Yes, the dream team MAG7 stocks are looking f'n good. Now we have a macro confirmation with the Roundhill Magnificent Seven ETF $MAGS which closed last week with a bullish engulfing bar on the weekly timeframe.
So what does this mean? RISK ON (we'll discuss our trading ideas below). Ideally we do not want price sweeping below the most recent low of $42. Any retrace toward $43 is a buy opportunity. We are looking for a reclaim above $46 followed by a continuation towards all time highs of around $49.
Nvidia (NVDA) - bullish
As mentioned in our previous report, partial profit was taken at +17% swing trade and stop loss has been adjusted at $101. Final target at around $129.
Anybody on the sidelines looking to jump in or re enter this trade, entry on any retrace toward $107. Stop loss at $101.
From a higher time frame perspective, las week we also had a bullish engulfing bar on the weekly timeframe which adds confluence to this trade idea.
Amazon.com (AMZN) - bullish
✅ +8% final target hit. Small % of position was left running.
Weekly timeframe had a massive bullish engulfing bar on last week's close. Ideal re-entry upon a retrace toward mid $170's or upon a bullish break above $190.
Microsoft (MSFT) - bullish
✅+10% profit on this one since our entry call at $400's called in previous reports. "We must see a strong price reaction soon at high $390’s."
Weekly timeframe also had a bullish engulfing bar last week giving us more confluence in this trade idea. Short term, price cleared resistance at $430 and final target of $460's must be on its way.
Tesla (TSLA) - bullish
+9% partial profit already taken on this trade. Price action wise we are still at a resistance level, bulls must step in for a clean break above $233 for further upside.
Apple (AAPL) - neutral/ bullish
We are currently getting close to our ideal long entry. Small market buy might be worth it but do keep in mind this retrace might continue to around $210. A strong bullish reaction is expected soon.
Meta Platforms (META) - neutral
Last week weekly close wasn't that great nonetheless yesterday's daily close might be signaling bullish strength. Overall this is a risky trade as we are at resistance level but for any risk adverse traders looking to jump in, the only long play I see is entry as close as possible to $520 with tight stop at $517 and targeting new all time highs.
Alphabet (GOOGL) - bearish
This is the worst looking stock from all the mag7. Bullish upon a break above $169 or simply wait for a further retrace toward $130's.
Previous report HERE:
Luis Ricardo Guizado
Disclaimer
Not financial or tax advice. Zelf Trade is not a financial institution. No content on this Newsletter is financial, accounting, legal or tax advice. Zelf Trade content is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.
