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Technical Update - Alphabet and Microsoft correction in the cards. Apple testing support. Tesla set for lower levels
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Alphabet (GOOG C-shares) are set to open 5% lower around USD145 following disappointing earnings release yesterday after market close.
The C-share could test support at around 143.95 possibly dropping to test the lower short-term rising trendline and the 55 DMA.
RSI is still showing positive sentiment which is likely still to be the case despite a gap lower in the share price today. The RSI indicator could test its lower rising trendline. A close below could be an indication of a larger correction in GOOG
If buyers can manage to close the gap (no time line but the faster the better) that seems to be created at the opening i.e., a the current bullish trend is likely to be extended
All Moving Average’s; 55, 100 and 200 are rising indicating underlying bullish sentiment suggesting GOOG is merely just going to experience a correction rather than a trend reversal.
A daily close below 136.85 will demolish the bullish picture
Microsoft could experience a correction if close below it short-term steep rising trendline.
RSI is in positive sentiment with no divergence indicating a lower close below the trendline is likely to be just a correction – if closing below the rising trendline.
Microsoft .
A daily close below support at around 384.30 will demolish the current bullish picture but a close below 366.50 is needed for a trend reversal.
Microsoft is set to open 0.4% lower around USD407
RSI is in positive sentiment with no divergence indicating a lower close below the trendline is likely to be just a correction – if closing below the rising trendline.
Microsoft .
A daily close below support at around 384.30 will demolish the current bullish picture but a close below 366.50 is needed for a trend reversal.
Microsoft is set to open 0.4% lower around USD407
Apple is likely to be testing support at around 187.15 during todays trading session. A break below the support could fuel a sell-off down to key strong support around 180.
If RSI is closing below 40 threshold a bearish scenario is likely to unfold. A bearish scenario that could take Apple down around 167.
Tesla gapped lower last week to trade below key strong support at around 195.12. Bottom fishers are trying to lift the Tesla share price back above the now resistance level but seems to be failing.
A daily close above 195.12 could result in a short strong rebound in a effort to close the gap up to 207.83. A close of that gap is minimum requirement needed to demolish and reverse the bearish scenario.
If failing to close above 195.12 Tesla could be hit with another wave of heavy selling that could take the share price down to around 153.
Some support at around 177.65
Author is holding a position in Alphabet
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