Prices have not been able to break above resistance and we just closed the daily chart on Friday with an engulfing bearish candle indicating a possible retrace so be cautious this week. Most tech stocks are showing weakness short term.

Amazon.com (AMZN) - Neutral  

In our previous report we posted a long idea as prices formed a temporary base and started to trade higher. Unfortunately the price completely retracted and hit our stop loss closing with a bearish engulfing candle on the daily chart of Thursday. Will it hold? Maybe but we’d rather stay on the sidelines and monitor price action. A bigger retrace might be incoming. 

LONG we go. Our long entry area has just been hit.

If it continues to retrace even till the $158’s we will continue to buy. 

We had a daily bearish engulfing candle. Price might still continue to retrace toward low $200’s which will be ideal re-entry and a must hold level but overall looking bullish. 

Bearish engulfing candle on the daily chart as well. 

Ideal long re-entry at the low $400’s.

This is the strongest one that has been accumulating at a key area. If we break above $540 we’ll go long and if we break below $520’s we’ll wait for a bigger retrace ideally toward $500 - $480’s.

Nvidia (NVDA) - Bullish 

Bearish engulfing candle on the daily chart as well. 

Standby for now, a retrace at around $110 is a buy. 

Bearish engulfing candle on the daily chart as well. 

A retrace toward $215 is a buy.

Previous report HERE:

[

Mag7 Tech Stocks - Edition #6

Mid-week update Amazon.com (AMZN) - Bullish There’s an aggressive long trade here. Market buy now, dollar cost average your entry on a possible retrace toward $176. Stop tight at $176 Target @ $190 Alphabet (GOOGL) - Bullish This one just confirmed a bullish reversal on lower time frame. Long

Zelf TradeLuis Ricardo Guizado

](https://www.zelf.trade/tech-stocks-edition-6/)