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Should I Buy More or Sell My Apple Share?? What Do You Guys Think?
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By AdrianaLowe
The theme over this last trading week has been one of remarkable resilience. After breaking down from key resistance levels, it seemed that a period of consolidation would follow. But, globally, markets instead rallied with conviction to retest their highs.
I have been sceptical about the sustainability of the rally this year. But one of the most fundamental axioms of surviving the markets is to trade what you see, not what you believe. And what I am seeing is markets that seem to want to push higher across the board, with individual stocks holding up well even when faced with bearish news.
S&P 500
(credit: chart from Sigma by Hydra X)
The S&P closed the week strongly at 2,822.48, up 0.5% on high volume, and on the back of its biggest weekly gain since November 2018. US markets seem insistent on forging a path higher despite the overhang of earnings, macro economy news, North Korea, and ongoing China trade talks. I still wait for price to break and close clear of the congestion zone around 2,800 before entering longs, but this looks increasingly like a environment where the only rational positions to take are either to be flat or long.
MICROSOFT
(credit: chart from Sigma by Hydra X)
Gains this week were led by tech, with the sector surging 4.9%, and also becoming the best performing sector of 2019. I find MSFT interesting, having completed a bullish inverse head and shoulders pattern, rallying in a tight rising channel, and strongly testing resistance (and also its all-time highs) on high volume. But a spinning top candlestick in the midst of overhead resistance, and a bearish stochastic crossover which in overbought territory could translate into a pullback, which could provide interesting entries for longs.
TESLA
(credit: chart from Sigma by Hydra X)
A good litmus test for market sentiment is how stocks behave on news. Tesla has held on to $275 support despite its Model Y unveiling event underwhelming analysts; BAML, CFRA Research and Canaccord Genuity all issued cautionary notes. If it gets there, $260 looks to be strong support for a countertrend rally.
BOEING
(credit: chart from Sigma by Hydra X)
Boeing continued to suffer the aftermath of the latest tragedy, ultimately having to suspend its entire fleet of 737 MAX planes when the FAA finally followed the lead of global aviation authorities in grounding the plane. Deliveries of the 737 MAX have also been paused. The beleaguered company faces an indeterminate outcome from investigations, bills from airlines affected by the grounding of the plane, as well as potential suits from the families of victims. On Thursday, the US Air Force joined the party. It launched a blistering attack on Boeing, saying that the company has a ‘severe situation’ after flawed inspections of their KC-46 air refuelling tanker aircraft, and questioning the company’s ‘culture of discipline for safety’. [https://www.cnn.com/2019/03/14/politics/air-force-boeing-refueling-plane/index.html] Despite all this, the stock has proven remarkably well supported at $370, repeatedly rallying from those levels on high volume.
FACEBOOK
(credit: chart from Sigma by Hydra X)
No company has had a worse week than FB, even within the context of its bad year. The week started with a proposal by Senator Elizabeth Warren to break up FB, was followed by a network outage affecting its Facebook, WhatsApp and Instagram services, and then announcements of a widening federal criminal probe into its data sharing practices. Two key executives, Chris Cox and Chris Daniels also announced their departures from the company. A nadir was reached when its Facebook application was used to livestream the hate-driven massacre of 49 people in New Zealand.
Technically, the stock has broken below the bottom of its ascending channel, and key overhead resistance in the $170-173 region looks daunting. There is also a huge gap from Feb 2019 waiting to be closed.
Yet in spite of the weak technical picture and the deluge of negative news, FB closed just 2.13% down for the week, and ended the trading session on Friday well above the lows of the day, forming a bullish hammer. While I have been waiting for a clear break in one direction or the other for a while, as rising channel met overhead resistance, I choose to stay as interested spectators for now.
EUR/USD
(credit: chart from Sigma by Hydra X)
Finally, last week I noted the technical breakdown of key support levels in the EURUSD, in conjunction with fundamentally bearish news in the form of Draghi’s dovish speech. However, I was keen to stay on the sidelines, given past experience of how crowded trades tend to turn out. EURUSD didn’t disappoint, as it promptly rose in a stop-hunting rally, which would have trapped any short entries in a very uncomfortable position.
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By HFblogNews · Posted
Date: 25th April 2024. Investors Monitor a Potential Japanese Intervention, and upcoming Tech Earnings. Meta stocks top earnings expectations, but revenue guidance for the next 6 months triggers significant selloff. Meta stocks decline 15.00% and the Magnificent Seven also trade lower. Japanese Authorities are on watch and most market experts predict the Japanese Federal Government will intervene once again. The Japanese Yen is the day’s worst performing currency while the Australian Dollar continues to top the charts. The US Dollar trades 0.10% lower, but this afternoon’s performance is likely to be dependent on the US GDP. USA100 – Meta Stocks Fall 15% On the Next 6-Months Guidance The NASDAQ has declined 1.51% over the past 24 hours, unable to maintain momentum from Monday and Tuesday. Technical analysts advise the decline is partially simply a break in the bullish momentum and the asset continues to follow a bullish correction pattern. However, if the decline continues throughout the day, the retracement scenario becomes a lesser possibility. In terms of indications and technical analysis, most oscillators, and momentum-based signals point to a downward price movement. The USA100 trades below the 75-Bar EMA, below the VWAP and the RSI hovers above 40.00. All these factors point towards a bearish trend. The bearish signals are also likely to strengthen if the price declines below $17,295.11. The stock which is experiencing considerably large volatility is Meta which has fallen more than 15.00%. The past quarter’s earnings beat expectations and according to economists, remain stable and strong. Earnings Per Share beat expectations by 8.10% and revenue was as expected. However, company expenses significantly rose in the past quarter and the guidance for the second half of the year is lower than previous expectations. These two factors have caused investors to consider selling their shares and cashing in their profits. Meta’s decline is one of the main causes for the USA100’s bearish trend. CFRA Senior Analyst, Angelo Zino, advises the selloff may be a slight over reaction based on earnings data. If Meta stocks rise again, investors can start to evaluate a possible upward correction. However, a concern for investors is that more and more companies are indicating caution for the second half of the year. The price movements will largely now depend on Microsoft and Alphabet earnings tonight after market close. Microsoft is the most influential stock for the NASDAQ and Alphabet is the third. The two make up 14.25% of the overall index. If the two companies also witness their stocks decline after the earnings reports, the USA100 may struggle to gain upward momentum. EURJPY – Will Japan Intervene Again? In the currency market, the Japanese Yen remains within the spotlight as investors believe the Japanese Federal Government is likely to again intervene. The Federal Government has previously intervened in the past 12 months which caused a sharp rise in the Yen before again declining. The government opted for this option in an attempt to hinder a further decline. Volatility within the Japanese Yen will also depend on today’s US GDP reading and tomorrow’s Core PCE Price Index. However, investors will more importantly pay close attention to the Bank of Japan’s monetary policy. Investors will be keen to see if the central bank believes it is appropriate to again hike in 2024 as well as comment regarding inflation and the economy. In terms of technical analysis, breakout levels can be considered as areas where the exchange rate may retrace or correct. Breakout levels can be seen at 166.656 and 166.333. However, the only indicators pointing to a decline are the RSI and similar oscillators which advise the price is at risk of being “overbought”. Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report. Click HERE to access the full HFM Economic calendar. Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! Click HERE to READ more Market news. Michalis Efthymiou Market Analyst HFMarkets Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission. -
By Stocks4life · Posted
$ALVR AlloVir stock bottom breakout watch, huge upside gap, https://stockconsultant.com/?ALVR -
By Stocks4life · Posted
$DIS Disney stock attempting to move higher off the 112.79 triple support area, https://stockconsultant.com/?DIS -
By Stocks4life · Posted
$ADCT Adc Therapeutics stock flat top breakout watch above 5.31, https://stockconsultant.com/?ADCT -
By Stocks4life · Posted
$CXAI CXApp stock local support and resistance areas at 2.78, 3.52 and 5.19, https://stockconsultant.com/?CXAI
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