Mag7 Tech Stocks - Edition #19
Markets will get choppy as the US elections coming up next Tuesday 5th. It is best to risk off and re-adjust stop losses before this week's close. The whole tech sector on the other hand has a bullish trend confirmed. The Roundhill Magnificent Seven ETF $MAGS has now confirmed a bullish trend expiring by the end of November 2024. It looks like we will have a nice pump before the end of the year so risk off this week and re position post next Tuesday. Any retrace towards previous high (red line) is a chance to position ourselves in the market.
🚀🚀🚀 Tesla $TSLA - MACRO BULL
Last weekly chart closed with a huge bullish range expansion and engulfing bar above previous weekly highs signaling BULLS ARE BACK.
A retrace even as low as $220’s is still possible, in case this happens this will be the IDEAL LONG ENTRY although it is very unlikely we get such a steep retrace.
From a MACRO perspective, this is one stock that looks ready to finally pump to new all time highs so forget about short time frames and focus long term and build your positions by dollar cost averaging your way in.
As previously posted, we were long at a loss waiting for the fair value gap to get filled and price sky roketted to new highs locking +14% profits. Now completely out and waiting for a possible retrace.
Microsoft $MSFT
+5% in profit here. Stop re-adjusted to break even. Weekly chart is also playing with the trade as we closed last week with a bullish engulfing bar.
Nvidia $NVDA
+8% profits locked in from las trade setup. Price did break all time highs but is struggling to remain above key level. Completely out of this trade too. With the coming elections we'd rather wait.
Alphabet $GOOGL
HUGE pump here, price was able to remain above our key level mentioned in previous reports and now went parabolic. Ideal entry here is wait for mid $160's retrace. With the possible crazy week we'll have next week be ready to jump in if we do get this retrace.
Apple $AAPL
This is a risky trade for a pre-elections week but bullish price action remains intact. We have hit our entry point at $230. Stop placed $221 and dca position toward's the stop.
Meta Platforms $META
Great reaction from our must remain above area. Within the following week it is likely we'll retest the same area. If we make a new low then we might be in for a bigger retrace. As for now, it is not worth trading this and rather wait for next week.
Amazon.com (AMZN)
Standby on this one. Ideally we want price to break above previous highs of $195 for further bullish confluence. Entry upon a retrace to previous highs.
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.
