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.

Disclaimer: This content was originally published on Zelf Trade.

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.

Disclaimer

Disclaimer: This content was originally published on Zelf Trade.