AAPL, AMZN and GOOG Forecasts – Major Tech Stocks Looking Stretched

Apple (AAPL) Technical Analysis

Apple looks like it’s going to open basically where it closed on Friday, which is actually somewhat impressive considering that we had been a little overextended to begin with. Short-term pullbacks I think continue to attract a lot of attention out of Apple as we’re through the earnings call and of course it was a very positive influence on the market.

We also have ex-dividend date coming up of the end of the session, so if you hold you also get paid the dividend on May 14, so a lot of people might hang on just because of this. The $275 level for me is still the floor in this market.

Amazon (AMZN) Technical Analysis

Amazon looks like it is going to be a little bit squishy and soft to kick off the session, but quite frankly, this is an explosively bullish market, so a pullback towards the $260 level would make a certain amount of sense, as it was a previous swing high, it should now be support. Regardless, I have no interest whatsoever in trying to short this market, and I do think that Amazon continues to go higher.

We are overdone, so that pullback I think just simply gives traders an opportunity to pick up stock at a more reasonable price than has been offered over the last couple of days.

Google (GOOG) Technical Analysis

Google looks like it’s going to be a little bit negative at the open, as well as it is also overstretched, and that, of course, is a bit of a problem, but a short-term one more than anything else. I think you get an opportunity to buy Google on dips near the $380 level, possibly even $360.

It’s an overextended market just like the other two; there’s nothing wrong with it, there’s nothing wrong with the company, it’s just gone a little too far in too short of an amount of time. Longer term I think we break above the $400 level and go looking to the $420 level.

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