Mag7 Tech Stocks- Weekly Recap #1

Magnificent Seven ETF (MAGS)

• Price had an awful close last week with a bearish engulfing candle.
• Last time we saw this pattern price was able to break above previous high and continue its uptrend. WILL THIS TIME BE THE SAME??

https://www.tradingview.com/x/dlaJ4hPq/

Short Term

• As we mentioned in our previous $MAGS report, the price may still dip at around $44 at least and remain macro bullish. 
• If short term price is unable to break above the highs then we might be in for a bigger retrace. 

Compete Magnificent Seven ETF (MAGS) - Edition #1 report here: https://www.zelf.trade/magnificent-seven-etf-mags-edition-1/?ref=zelf-trade-newsletter

Apple (AAPL)

• Macro seems to be holding well so far although we might be holding on thin air. 
• If we break below $222 a bigger retrace might be in play towards $215 - $210 at first.

Short Term - NO BUENO my friends

• We had a bearish market structure break signaling possible continuation down. 
• If price is unable to break above $237.5 then more than likely be prepared to buy dem dips. 

Amazon (AMZN)

• Horrible bearish engulfing candle on last week’s weekly close.
• We are sitting at a critical point, either price breaks resistance above previous highs of $187 to target ATH of $201 or we continue to retrace. The fact that we are back below resistance and previous highs is no good. 
• As previously mentioned on our Edition #1  report, $170 might be ideal entry point. 

Alphabet (GOOGL)

• Horrible bearish engulfing candle on last week’s weekly close as well. Ideal long will be at around $172 - $165

Short Term

• We might have found a temporary floor. 
• Although we did have a bearish market structure break, if we get our scalp long entry before further upside continuation it will be worth the risk reward. 
• Afterwards wouldn’t be risking much, it's best to wait for price action to better assess market direction. 
• Key support and resistance level at $188, if we break above then bulls continue. If we get rejected then further downside retrace. 

Facebook (META)

• Horrible bearish engulfing candle on last week’s weekly close as well BUT… We landed at a key support level and price seems to have reacted quite well. 
• Macro structure remains bullish 

Microsoft (MSFT)

• Horrible weekly close last week. 
• This one’s showing more clarity towards further bearish retrace. A $430 price level should act as a magnet from here. 

Nvidia (NVDA)

• Bears are in control. We are in a clear downtrend so far.
• $110 price target retrace at first should be a must. 
• Too much hype on this one, might be time for even a bigGER retrace to shake those late buyers.

Tesla (TSLA)

• Not much action here, price haven’t been able to break above previous highs. 
• We could keep consolidating here for a while before price finally choses a direction. 
• Macro looks quite bullish but short term we may have a steep retrace in price and we’ll still remain macro bullish. 

Price action tells a story and as we've seen in $MAGS etf showing signs of weakness, most of these big 7 tech stocks are looking weak. By no means this means we are entering a bear market or that it'll only be down from here BUT... it does mean market's showing signs on exhaustion and we might have a bigger retrace across the board. Be cautious, manage your risk and always dollar cost average your way in.

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.