TSLA, PLTR and SCMI Forecast – Major Stocks Look Soft in Premarket

TSLA Technical Analysis

Tesla looks like it is going to pull back a bit in pre-market trading, and I think ultimately this pullback probably offers a little bit of value, but we need to wait and see whether or not the $400 level holds. We had previously broken out of a major area of resistance in the form of a triangle and it’s also worth noting that based on the breakout of the triangle, we should have hit right around $449, which in fact, we basically had, we’re just a few dollars short at the highs. So, I think we still have a little bit of extension to go, but this pullback, I think, ends up being a buying opportunity sooner rather than later.

PLTR Technical Analysis

Palantir looks like it’s going to open down a bit during the pre-market trading. And I think ultimately Palantir has to wonder whether or not we are going to put in a bit of a double top. If we can break above the $190 level that eliminates all of those concerns. On a drop from here, the 50 day EMA at $162 29 cents could offer support and then again, there’s a significant uptrend line just below there that could come into the picture to offer support as well.

SMCI Technical Analysis

Super Micro Computer has the look of a market that’s dropping as well, as we are just banging around the 50 day EMA and the 200 day EMA in this market anyway. Quite frankly, Super Micro Computer isn’t necessarily the strongest stock in the analysis today. It’s just going sideways and we’re basically in the middle of that range. So, I think if we get a somewhat significant sell off, it might be a candidate for a buy on the dip type of short term swing trade.

But right now, we are basically in no man’s land. So, I’m not excited about owning it. If we do break to the upside and clear the $50 level, we could in theory rise to $56 in order to fill this gap. But right now, it looks like it’s more likely to continue dropping.

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