GOOG, AAPL and UBER Forecast – Stocks Look a Bit Soft in Premarket

GOOG Technical Analysis

Google has a very ugly look to it in the early hours as we continue to see more frayed nerves after the complete turnaround during the Wednesday session. I don’t necessarily think this is a longer term issue. And in fact, this should end up being a nice buying opportunity eventually, but I need to see a V pattern to start trading. The 50 day EMA is racing toward the 200 day EMA. And if it crosses there, that would be the golden cross. I’m not necessarily looking for that right now, but I do think somewhere between here and those moving averages, we will see buyers step in and pick up cheap Google stock.

AAPL Technical Analysis

Apple has the look of a market that is going to open up about where it closed. Unfortunately, though, the candlestick has a very ugly look to it from the previous session. And now I think we’ve got a situation where we may drop down to the $193 level, which is the floor. If we turn around and break above the 50 day EMA, then we could go towards the $215 level. Right now, I think we’re in a situation where we’re just simply going back and forth.

UBER Technical Analysis

Uber is going to open up lower during the pre-market trading on Thursday, it appears. And at this point in time, I think we can turn around and reach the $94 level. The 50 day EMA sits near the $82.55 level and is rising. So that should offer a little bit of support. All things being equal, this is a market that I think remains very bullish from a longer term standpoint, but we’re in the midst of trying to form something that might end up being a bullish flag.

Either way, it is a bullish look longer term, short term, we’re probably pulling back a bit to try to find support. Right now, your job as a trader is to simply let the market do its thing and figure out when it is going to turn things around and start looking to the upside. But right now, at least, it looks like we have a little bit of work to do.

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