Technical Update - Meta new all-time high but have room to climb further. Amazon eyeing its all-time high. Apple on the verge of turning bearish Technical Update - Meta new all-time high but have room to climb further. Amazon eyeing its all-time high. Apple on the verge of turning bearish Technical Update - Meta new all-time high but have room to climb further. Amazon eyeing its all-time high. Apple on the verge of turning bearish

Technical Update - Meta new all-time high but have room to climb further. Amazon eyeing its all-time high. Apple on the verge of turning bearish

Equities 3 minutes to read
KCL
Kim Cramer Larsson

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.

To demolish  thsi bullish scenario a close of the opening gap being created today is needed 

Source all charts and data: Saxo Group

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.

For Apple to resume uptrend a daily close back above 192.50 is minimum requirement. A close back above the Cloud area (shaded area) will confirm the resuming of the uptrend 
Disclaimer: Author of this analysis is holding positions in Meta and Amazon

Disclaimer

The Saxo Bank Group entities each provide execution-only service and access to Analysis permitting a person to view and/or use content available on or via the website. This content is not intended to and does not change or expand on the execution-only service. Such access and use are at all times subject to (i) The Terms of Use; (ii) Full Disclaimer; (iii) The Risk Warning; (iv) the Rules of Engagement and (v) Notices applying to Saxo News & Research and/or its content in addition (where relevant) to the terms governing the use of hyperlinks on the website of a member of the Saxo Bank Group by which access to Saxo News & Research is gained. Such content is therefore provided as no more than information. In particular no advice is intended to be provided or to be relied on as provided nor endorsed by any Saxo Bank Group entity; nor is it to be construed as solicitation or an incentive provided to subscribe for or sell or purchase any financial instrument. All trading or investments you make must be pursuant to your own unprompted and informed self-directed decision. As such no Saxo Bank Group entity will have or be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available on Saxo News & Research or as a result of the use of the Saxo News & Research. Orders given and trades effected are deemed intended to be given or effected for the account of the customer with the Saxo Bank Group entity operating in the jurisdiction in which the customer resides and/or with whom the customer opened and maintains his/her trading account. Saxo News & Research does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, would be considered as a marketing communication under relevant laws.

Please read our disclaimers:
- Notification on Non-Independent Investment Research (https://www.home.saxo/legal/niird/notification)
- Full disclaimer (https://www.home.saxo/en-gb/legal/disclaimer/saxo-disclaimer)

Saxo Markets
40 Bank Street, 26th floor
E14 5DA
London
United Kingdom

Contact Saxo

Select region

United Kingdom
United Kingdom

Trade Responsibly
All trading carries risk. To help you understand the risks involved we have put together a series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. Read more
Additional Key Information Documents are available in our trading platform.

Saxo Markets is a registered Trading Name of Saxo Capital Markets UK Ltd (‘SCML’). SCML is authorised and regulated by the Financial Conduct Authority, Firm Reference Number 551422. Registered address: 26th Floor, 40 Bank Street, Canary Wharf, London E14 5DA. Company number 7413871. Registered in England & Wales.

This website, including the information and materials contained in it, are not directed at, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in the United States, Belgium or any other jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation.

It is important that you understand that with investments, your capital is at risk. Past performance is not a guide to future performance. It is your responsibility to ensure that you make an informed decision about whether or not to invest with us. If you are still unsure if investing is right for you, please seek independent advice. Saxo Markets assumes no liability for any loss sustained from trading in accordance with a recommendation.

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. Android is a trademark of Google Inc.

©   since 1992