Stock Forecast – Tesla, Microsoft, and Super Micro Eye Pullbacks for Dip-Buying Setups

https://www.youtube.com/watch?v=1VJCuM3U0wATesla

The market for Tesla looks a little sluggish in pre-market trading after forming a massive resistive candle right at the gap. That is, technically speaking, a pretty poor setup, and therefore could cause some issues for the bulls today.

The $350 level is an area that a lot of people will be watching. It’s been important in the past, and now that the 50-day EMA is racing towards it, that could cause a little bit more of a problem as well. Ultimately, this is a market that had recently found significant support. Higher rates, though, and some concerns about the consumer will also possibly come into play here as well.

Microsoft

Microsoft looks like it is going to be opening up a little bit negative. The market has recently shot straight up in the air. This is not a market that I have any interest in shorting, but it does look a little overextended and exhausted, and with that being the case, a pullback would not be the most surprising thing in the world here.

We’re 3 days away from the ex-dividend date. That could provide a little bit of a cushion with that $0.91 a share dividend. It’s not a massive one, but it is something. The golden cross recently has occurred, so that’s another reason that I’m somewhat positive. I also recognize, that a little bit of patience might offer the opportunity of getting shares a little cheaper.

Super Micro Computer

Super Micro Computer is struggling in pre-market trading as well as the $40 barrier and the top of a gap from June come into play. The shooting star from the previous session, of course, has traders perhaps thinking maybe it’s a little bit exhaustive on Friday, and then now it looks like we’re rolling over a little bit into Monday as well.

Pullback at this point in time might be intriguing, and it might set up a nice reversal. And that essentially, I think, is the story with all 3 of these markets. We’ll just have to wait and see, but they all share the theme of being just a little extended, and perhaps opening up on the downside.