Mag7 Tech Stocks - Edition #8
Mid-week update
Nvidia (NVDA) - neutral
Nvidia releases its Q2 2024 earnings report today and everybody's eyes on here. Most stocks will move depending on today's earnings report so be careful.
Price action wise we are at key level. We break above for bullish continuation or break below for further retrace. STAND BY, let's wait for price action to lead our way. Patience pay its dividends.
Apple (AAPL) - bullish flip
In our previous report we posted a bearish stand due to the bearish engulfing candle printed on the daily chart but fortunately we stopped trading lower and today we started trading above previous highs. Bullish.
Ideally we want a daily close today above $229 for further bullish continuation but so far looking quite good. A small market buy might be worth it.
Alphabet (GOOGL) - bullish
We stick to our bullish plan building a position towards the $158’s which is a must hold level for bullish continuation. If we start trading below $158 it might be game over for the bulls.
Amazon.com (AMZN) - bearish
As mentioned in our previous report, a bigger retrace might be on its way. Indeed it was smart to just stay on the sidelines as price was showing weakness and this week price just broke our key level and continued down. Our next area of interest stands at around $160’s.
Tesla (TSLA) - bearish
Bearish engulfing candle proven right as price continued down.
$200’s might be the next long entry but stand by for now. We’ll be monitoring price action and post trade setups once opportunities arise.
Microsoft (MSFT) - bearish
Bearish engulfing candle proved right as well.
Ideal long re entry at around low $400’s.
Meta Platforms (META) - bearish
Similar to Microsoft’s price action, here we also broke lows and currently on its way to a bigger retrace. Ideal long re-entries should stand at around $490’s.
Previous report HERE:
Luis Ricardo Guizado
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