Mag7 Tech Stocks - Edition #9
Its Labor Day today and the U.S. market is closed.
What to expect for tomorrow’s open?
Roundhill Magnificent Seven ETF (MAGS)
As mentioned in last Monday’s report, the MAGS etf was showing weakness and was more than likely in for a short term retrace. The retrace is now on its way. Ideally we want a continuation toward the $43 price area.
Nvidia (NVDA) - bearish
Q2 2024 earnings were released last Wednesday. All estimates were surpassed which is great news for the company and tech industry long term. Nonetheless instead of pumping the price plummet. This means investors are taking profit off of this great news.
Price action wise, we just broke previous lows and we are now in for a bigger retrace short term. Ideal long entry area should stand around $110. There is no need to catch falling knives right now, we’ll monitor price action and enter once we see the trend flipping bullish again.
Apple (AAPL) - bullish
Awaiting the new Iphone 16 set to be released this month this stock is likely to continue its bullish run short term. As previously mentioned, price was at a key level and needed to break either side. It started to break bullish now. Price needs to stay above $228 for further bullish momentum to continue.
Trade idea:
Entry at market price tomorrow and dollar cost average till high $225’s.
Targeting previous highs of $137.
Stop at $225.5
Alphabet (GOOGL) - bullish
Great risk reward trade here. We kept building a position towards the $158’s which is a must hold level for bullish continuation.
Amazon.com (AMZN) - neutral/bearish
On Friday we closed the week with a massive pump. What now?
Price action wise nothing has changed, bearish structure remains intact. In fact we are currently entering the perfect short entry area. Either we flip bullish clearing the previous high of $183 with a strong bullish expansive candle or we’ll be at the ideal short entry area. For now, NO TRADE and STANDBY, we’ll be monitoring this stock and will post any trade setup update once we have more confluence in price action.
Tesla (TSLA) - neutral/ bearish
Price seems to have found a temporary bottom at $205’s. Any retrace toward this lows might be a good buying opportunity as long as we remain above.
Microsoft (MSFT) - bearish
Bearish idea remains the same, $410 - $400’s should be ideal long entries.
Meta Platforms (META) - bearish
We are currently trading below key level. Expect a further retrace toward $490's.
Previous MAG7 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.
