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Mag7 Tech Stocks- Weekly Recap #1
Mag7 Tech Stocks- Weekly Recap #1 - Read the full update on Zelf Trade.
LR Guizadoโข
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??
Short Term
- As we mentioned in our previous $MAGS report, the price may still dip at around $44 at least and remain macro bullish.ย
- If short term price is unable to break above the highs then we might be in for a bigger retrace.ย
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.ย
- 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.ย
- If price is unable to break above $237.5 then more than likely be prepared to buy dem dips.ย
Amazon (AMZN)
- Horrible bearish engulfing candle on last weekโs 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.ย The fact that we are back below resistance and previous highs is no good.ย
- As previously mentioned on our Edition #1ย report, $170 might be ideal entry point.ย
Alphabet (GOOGL)
- Horrible bearish engulfing candle on last weekโs weekly close as well.ย Ideal long will be at around $172 - $165
Short Term
- We might have found a temporary floor.ย
- 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.ย
- Afterwards wouldnโt be risking much, it's best to wait for price action to better assess market direction.ย
- Key support and resistance level at $188, if we break above then bulls continue. If we get rejected then further downside retrace.ย
Facebook (META)
- Horrible bearish engulfing candle on last weekโs weekly close as well BUTโฆ We landed at a key support level and price seems to have reacted quite well.ย
- Macro structure remains bullishย
Microsoft (MSFT)
- Horrible weekly close last week.ย
- This oneโs showing more clarity towards further bearish retrace.ย A $430 price level should act as a magnet from here.ย
Nvidia (NVDA)
- Bears are in control.ย We are in a clear downtrend so far.
- $110 price target retrace at first should be a must.ย
- 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 havenโt been able to break above previous highs.ย
- We could keep consolidating here for a while before price finally choses a direction.ย
- Macro looks quite bullish but short term we may have a steep retrace in price and weโll still remain macro bullish.ย
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
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Disclaimer: This content was originally published on Zelf Trade.