AMZN Technical Analysis
Amazon looks like it’s going to be slightly positive at the open. But again, this isn’t a big move. This is a market that has been grinding its way to the upside. And we have to ask ourselves, are we getting a little overdone? It’s possible that we may need to pull back in part of what could be thought of as a potential channel. The 50 day EMA is down at the $212 region and is rising, so we could drop all the way down there, I suppose. But really at this point in time, I think it still remains a bullish market. Pullbacks are welcomed because they will offer value.
GOOGL Technical Analysis
And finally, Alphabet or Google is pressing a pretty serious ledge from previous trading in the form of $185. And it is struggling to get above there. You can see that there was a lot of supply at that area. So, it’s not a huge surprise to see a little bit of hesitation. It looks like we are going to open a little bit softer, but I do see a lot of pressure underneath to break out to the upside eventually. I do think this is a market that will eventually go to its all-time highs, but I’m looking for a short term pullback in order to take advantage of any value that’s offered here in Google. Google, of course, is a very noisy stock at times, but for me, it certainly looks as if it has been recovering quite nicely. So, pullbacks should offer buying opportunities.
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