Technical Analyst, Saxo Bank Group
Summary: Meta jumping to new all-time highs but could move higher towards 500
Amazon reversed its correction behaviour opening above key resistance. Eyeing its all-time high around 188.65
Apple under pressure testing key support. Could enter bearish trend
Meta Platforms is opening 16% higher at around 459.60. Already trading at all-time high yesterday the share price is in uncharted territory. So where is next “technical” level?
If we take a Fibonacci projection of the 2021-2022 downtrend 1.382 is at around 497.50.
RSI is in positive sentiment on all time periods with no divergence strongly indicating Meta share price could move that high.
Amazon correction has been cut short with an opening price around 169.20
If closing around this level the resistance at around 167.55 has been taken out. RSI will also have had been cancelled on weekly chart strongly indicating Amazon could in coming weeks or months test its all-time highs around 188.65
To demolish this bullish picture a close of the opening gap created today is needed i.e., a close below 161.25
Apple opned today around its key support at around 180.17
However, the opening price is below the daily Cloud area, and if Apple is closing below that level followed by a close below 180 RSI is also closing below 40 threshold thereby in negative sentiment
If that picture is being drawn further selling is likely to hit Apple with no support until around 167 level.
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