Log in Open account
UAE
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 62% of retail investor accounts lose money when trading CFDs with this provider.
Show more
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, FX or any of our other products work and whether you can afford to take the high risk of losing your money.
Show less
Technical Update - Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla Technical Update - Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla Technical Update - Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla

Technical Update - Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla

5 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  Alphabet establishing uptrend?
Amazon breaking bullish
Apple struggling to maintain upside momentum
Meta confirming bullish picture
Microsoft stalling. Continuing the Bullish trend or reversal?
Nvidia on the verge of breaking bullish, but will it?
Tesla could be breaking deadlock and built bullish trend

Alphabet C (Google) is trying to establish an uptrend short-term. If closing above 141.10 and if RSI is closing back above 60 threshold that scenario is to playout.
If that scenario plays out there is upside potential to previous all-time high around 151.8, possibly higher.

If Closing below 129.40 the possible uptrend scenario is shattered and Alphabet could slide lower 
Source all charts and data: Saxo Group

Amazon closed Frida above resistance at around 149.26 thus breaking bullish out of its Ascending triangle.
The top and reversal pattern formed in November and the RSI divergence now cancelled.

Amazon seems et for higher levels with no strong resistance until around 167.50.

Weekly chart is close to cancel its RSI divergence, an RSI close above 73.33 will do just that. If that occurs there is further upside potential for Amazon on the medium-term time frame

If 167.50 is broken Amazon could move to test its all-time highs at around 188.65.

To demolish the bullish scenario a close below 140 is needed

Apple seems struggling at maintaining upside momentum. Three attempts at closing above all-time highs 198.23 has so far failed. A Doji Evening like pattern has formed indicating top and reversal. (Ideally the candle formed Friday last week should have been a full bearish red candle)
RSI divergence is supporting the view of a trend exhaustion

To regain momentum and cancel RSI divergence a share price close above 199.62 is needed and followed by an RSI close above its horizontal dashed line at 73.13.

Weekly chart RSI is showing massive divergence indicating the current uptrend is exhausting.

A close above 199.62 could fuel a rally to around 210 level
A close below 187.45 is likely to resulting in a bearish to establishing

Meta Platforms closed higher above 342.92 confirming the bullish trend.
RSI closed back above 60 threshold adding to the bullish picture. A test of resistance at around 353.65 and the 1.382 projection of the latest correction at 354.10 seems quite likely.

A close above 353.65 is paving the way to all-time highs at around 384.33. If the weekly RSI is closing above its falling trendline it would be a good indication this bullish scenario will play out
To reverse this scenario a close below 313.65 is needed

Microsoft is in a bit of a limbo. A close low 362.90 could fuel a sell-off down to 350-340.

A close above 378 is likely to resume uptrend. If RSI is closing back above 60 threshold it will confirm that scenario.

A close above 384.30 will further confirm the bullish picture also on medium-term.
Medium-term the uptrend is intact but there is RSI divergence indicating trend exhaustion. If RSI closing above 74.78 the divergence will be cancelled supporting higher Microsoft share prices

Nvidia is likely to confirm bullish trend. A close above 505.48 will do just that. Daily RSI is back above 60 threshold strongly indicating that is the scenario to play out.

If that scenario plays out Nvidia will have broken bullish out of its sideways range – see weekly chart - with potential to 560 - 600.
The RSI divergence on the weekly chart is a bit of a warning signal. However, RSI is above 60 indicating the bullish trend is to resume

A close below 450 will likely establish a bearish trend short-term. A close below 392 will establish a Medium-term bearish trend

Tesla has broken above its upper falling trendline and _RSI is above 60 indicating short-term upside potential to 279.50 resistance level.

Medium-term the trend is still bearish with Tesla testing the upper falling trendline. If the weekly RSI can close back above 60 Tesla is likely to trade higher. A weekly close above 279 will confirm medium-term bullish trend ahs been established.

Strong resistance at around 313.61 could be a hard nut to crack. But a close above 313.61 could fuel a buying towards 385-415

A close below 225.95 will demolish the short-term bullish trend. A close below 219.90 will confirm bearish trend medium-term

 

Author is holding a position in Amazon

Quarterly Outlook 2024 Q3

Sandcastle economics

01 / 05

  • Macro: Sandcastle economics

    Invest wisely in Q3 2024: Discover SaxoStrats' insights on navigating a stable yet fragile global economy.

    Read article

  • Bonds: What to do until inflation stabilises

    Discover strategies for managing bonds as US and European yields remain rangebound due to uncertain inflation and evolving monetary policies.

    Read article

  • Equities: Are we blowing bubbles again

    Explore key trends and opportunities in European equities and electrification theme as market dynamics echo 2021's rally.

    Read article

  • FX: Risk-on currencies to surge against havens

    Explore the outlook for USD, AUD, NZD, and EM carry trades as risk-on currencies are set to outperform in Q3 2024.

    Read article

  • Commodities: Energy and grains in focus as metals pause

    Energy and grains to shine as metals pause. Discover key trends and market drivers for commodities in Q3 2024.

    Read article

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/legal/disclaimer/saxo-disclaimer)


Business Hills Park – Building 4,
4th Floor, office 401, Dubai Hills Estate, P.O. Box 33641, Dubai, UAE

Contact Saxo

Select region

UAE
UAE
Products & pricing
Platforms
Accounts & service
General
Other
Legal

Trade responsibly
All trading carries risk. Read more. 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

Saxo Bank A/S is licensed by the Danish Financial Supervisory Authority and operates in the UAE under a representative office license issued by the Central bank of the UAE.

The content and material made available on this website and the linked sites are provided by Saxo Bank A/S. It is the sole responsibility of the recipient to ascertain the terms of and comply with any local laws or regulation to which they are subject.

The UAE Representative Office of Saxo Bank A/S markets the Saxo Bank A/S trading platform and the products offered by Saxo Bank A/S.