AAPL, AMZN and GOOGL Forecast – Major Stocks Drift in Premarket

AMZN Technical Analysis

Amazon is going to be a little soft at the open here on Monday as well. So, with the market looking as strong as it had previously, I do think this ends up being a buying opportunity. I’m paying close attention to that 50-day EMA and $221, which is basically the bottom of the Friday candlestick. I think somewhere between here and there we will see a V-shaped bounce that we can take advantage of, perhaps on shorter timeframes. I have no interest in shorting Amazon. It’s still extraordinarily strong and if the economy is going to slow down, while Amazon will take a hit, it won’t take the kind of hit other companies undoubtedly will.

GOOGL Technical Analysis

Google looks as if it is going to open about where it closed on Friday. It’s worth noting though, that on Friday it had shot straight up in the air and then pulled back a bit. It did give back some of its momentum at the end of the day, as it made a fresh new high. So, the question then becomes, can it find more momentum? I think the answer’s yes. I don’t know. We may need a little bit of a short-term pull back in order to build up that momentum. But a break of the high of the Friday candlestick almost certainly will have people running into this market as well. Regardless, Google is a very strong stock, I think that remains the case and therefore I’m a buyer overall.

AAPL

Apple looks like it’s going to open the week a little bit soft as pre-market trading is somewhat negative, but really when you look at the chart, it’s still a very positive looking stock. And I suspect that any pullback at this point in time will probably be somewhat shallow, with the 50-day EMA just breaking above the 200-day EMA to kick off the so-called golden cross. Any pullback I do think will find plenty of people willing to step in and take advantage of it, just as if we can break above the $230 level, then you have the possibility of a continuation of the uptrend.

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