AAPL, AMZN and GOOG Forecast – US Tech Leaders Mixed in Premarket Trading

AAPL Technical Analysis

Apple looks like it’s going to open a little bit lower during the session here on Thursday, but quite frankly, we had seen a massive gap higher on Wednesday. So that makes a little bit of sense as profit taking will probably come into the picture. And of course, traders are sort of focused on the jobs report on Friday, which could have a major influence on risk appetite. There’s nothing on the chart that looks bad at all. And it looks like we just exited a bullish flag, which in theory could send this market to about $265 over the longer term.

AMZN Technical Analysis

Amazon looks like it’s going to jump at the open, perhaps trying to break the recent high. If we can reach the $235 level, then we face the latest major swing high. And breaking that, of course, would be a major victory for the bulls, as that was the drop from the earnings call where we gapped lower. We have filled that gap twice now. So, I do think it’s probably only a matter of time before we jump again and Amazon certainly looks like it’s ready to go much higher.

GOOG Technical Analysis

Google looks like it’s going to pull back just a little bit after that monstrous move during the open here on Wednesday. So, Thursday looks like it is going to give a little bit of that back. There was a court decision on Wednesday, and after the US judge ruled that it holds an illegal monopoly in online search but didn’t bring the hammer down with the worst restrictions. That potential headwind seems to be more or less out of the way. It may change the business a little bit, but really at the end of the day, they got away from what the worst case scenarios were.

A little bit of a pullback here to come back into the gap probably makes a little bit of sense as we got a little over exuberant, but at this point in time, it is still a stock that looks like it wants to go higher over the longer term. The only other thing that could happen is maybe we go sideways to kill off some of this momentum that would have the buyers accepting price and people will be looking at this through the prism of trying to get involved in what is almost certainly going to be a continuation of the longer term uptrend.

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