Technical Update - Meta, Apple, NVidia & Tesla

Technical Update - Meta, Apple, NVidia & Tesla

Equities 4 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  Meta uptrend very stretched and short-term correction could be seen. But no strong resistance until around 320
Apple making all-time highs almost daily could extend uptrend
Nvidia uptrend extremely overbought and seems to be stalling. A correction could unfold.
Tesla gapped higher and is on course to 313


Meta uptrend has since lates last year been in an almost 45 degrees ancle in a very narrow rising channel pattern, with only minor corrections. Meta has reached levels not seen since prior to the massive sell-off back in Q1 2022.
The uptrend is very stretched and on daily chart there is massive RSI divergence indicating a weakening of the uptrend short-term

A correction could occur anytime soon but confirmation is needed. If Meta closes below its lower rising trendline and below 277.60 a swift sell-off down to support at around 260 could be seen.
A close below 260 could extend a correction further to 250-243.

However, on the weekly chart there is no RSI divergence indicating Meta is likely to extend its uptrend. An uptrend that could continue to resistance at around 320-328.
To reverse the medium-term uptrend a close below 230 is needed

Source all charts and data: Saxo Group

Apple gapped higher Friday last week extending uptrend and cancelling its RSI divergence with a higher RSI value.
To demolish the short-term bullish picture a close of the gap from last week could be first indication i.e., a close below 189.59. If that plays out a correction down to 184-177 could be seen

However, weekly chart with no RSI divergence also draw the picture of likely higher Apple price.

There is no overhead resistance. $200 is not unlikely to be reached shortly.

Nvidia uptrend seems to be stalling. There is RSI divergence on daily chart indicating a correction could unfold.
However, trend is still up but if Nvidia closes below 401 a sell-off down to key support at around 374.75 is in the cards.
The gap down to 316.78 is crucial.

RSI on the weekly chart is indicating Nvidia is overbought with a value above 80, but there is no divergence suggesting Nvidia could move to higher price levels.

If Nvidia closes below 401 a larger correction could unfold a close below 374.75 will confirm that. Next couple of weeks could be decisive.

Tesla gapped higher Monday to record a new year high and seems set for further upside. No resistance until around 313.
There is RSI divergence on daily chart but no divergence on weekly RSI.

To demolish the short-term bullish picture a close of the gap i.e., a close below 261.75 is needed.
To reverse the medium-term uptrend a close below 240.70 is needed. First indication for this to unfold would be a close

Quarterly Outlook

01 /

  • Upending the global order at blinding speed

    Quarterly Outlook

    Upending the global order at blinding speed

    John J. Hardy

    Global Head of Macro Strategy

    We are witnessing a once-in-a-lifetime shredding of the global order. As the new order takes shape, ...
  • Equity outlook: The high cost of global fragmentation for US portfolios

    Quarterly Outlook

    Equity outlook: The high cost of global fragmentation for US portfolios

    Charu Chanana

    Chief Investment Strategist

  • Asset allocation outlook: From Magnificent 7 to Magnificent 2,645—diversification matters, now more than ever

    Quarterly Outlook

    Asset allocation outlook: From Magnificent 7 to Magnificent 2,645—diversification matters, now more than ever

    Jacob Falkencrone

    Global Head of Investment Strategy

  • Commodity Outlook: Commodities rally despite global uncertainty

    Quarterly Outlook

    Commodity Outlook: Commodities rally despite global uncertainty

    Ole Hansen

    Head of Commodity Strategy

  • Macro outlook: Trump 2.0: Can the US have its cake and eat it, too?

    Quarterly Outlook

    Macro outlook: Trump 2.0: Can the US have its cake and eat it, too?

    John J. Hardy

    Global Head of Macro Strategy

  • Equity Outlook: The ride just got rougher

    Quarterly Outlook

    Equity Outlook: The ride just got rougher

    Charu Chanana

    Chief Investment Strategist

  • China Outlook: The choice between retaliation or de-escalation

    Quarterly Outlook

    China Outlook: The choice between retaliation or de-escalation

    Charu Chanana

    Chief Investment Strategist

  • Commodity Outlook: A bumpy road ahead calls for diversification

    Quarterly Outlook

    Commodity Outlook: A bumpy road ahead calls for diversification

    Ole Hansen

    Head of Commodity Strategy

  • FX outlook: Tariffs drive USD strength, until...?

    Quarterly Outlook

    FX outlook: Tariffs drive USD strength, until...?

    John J. Hardy

    Global Head of Macro Strategy

  • Fixed Income Outlook: Bonds Hit Reset. A New Equilibrium Emerges

    Quarterly Outlook

    Fixed Income Outlook: Bonds Hit Reset. A New Equilibrium Emerges

    Althea Spinozzi

    Head of Fixed Income Strategy

Content disclaimer

The information on or via the website is provided to you by Saxo Bank (Switzerland) Ltd. (“Saxo Bank”) for educational and information purposes only. The information should not be construed as an offer or recommendation to enter into any transaction or any particular service, nor should the contents be construed as advice of any other kind, for example of a tax or legal nature.

All trading carries risk. Loses can exceed deposits on margin products. You should consider whether you understand how our products work and whether you can afford to take the high risk of losing your money.

Saxo Bank does not guarantee the accuracy, completeness, or usefulness of any information provided and shall not be responsible for any errors or omissions or for any losses or damages resulting from the use of such information.

The content of this website represents marketing material and is not the result of financial analysis or research. It has therefore has not been prepared in accordance with directives designed to promote the independence of financial/investment research and is not subject to any prohibition on dealing ahead of the dissemination of financial/investment research.

Please refer to our full disclaimer and notification on non-independent investment research for more details.
- Notification on Non-Independent Investment Research (https://www.home.saxo/legal/niird/notification)
- Full disclaimer (https://www.home.saxo/en-ch/legal/disclaimer/saxo-disclaimer)

Saxo Bank (Schweiz) AG
The Circle 38
CH-8058
Zürich-Flughafen
Switzerland

Contact Saxo

Select region

Switzerland
Switzerland

All trading carries risk. Losses can exceed deposits on margin products. You should consider whether you understand how our products work and whether you can afford to take the high risk of losing your money. To help you understand the risks involved we have put together a general Risk Warning series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. The KIDs can be accessed within the trading platform. Please note that the full prospectus can be obtained free of charge from Saxo Bank (Switzerland) Ltd. or the issuer.

This website can be accessed worldwide however the information on the website is related to Saxo Bank (Switzerland) Ltd. All clients will directly engage with Saxo Bank (Switzerland) Ltd. and all client agreements will be entered into with Saxo Bank (Switzerland) Ltd. and thus governed by Swiss Law. 

The content of this website represents marketing material and has not been notified or submitted to any supervisory authority.

If you contact Saxo Bank (Switzerland) Ltd. or visit this website, you acknowledge and agree that any data that you transmit to Saxo Bank (Switzerland) Ltd., either through this website, by telephone or by any other means of communication (e.g. e-mail), may be collected or recorded and transferred to other Saxo Bank Group companies or third parties in Switzerland or abroad and may be stored or otherwise processed by them or Saxo Bank (Switzerland) Ltd. You release Saxo Bank (Switzerland) Ltd. from its obligations under Swiss banking and securities dealer secrecies and, to the extent permitted by law, data protection laws as well as other laws and obligations to protect privacy. Saxo Bank (Switzerland) Ltd. has implemented appropriate technical and organizational measures to protect data from unauthorized processing and disclosure and applies appropriate safeguards to guarantee adequate protection of such data.

Apple, iPad and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.