TSLA, PLTR and SCMI Forecast – Major Stocks Looking for Momentum at Friday Open

TSLA Technical Analysis

The Tesla market is a little bit positive at the pre-market session on Friday, as traders will continue to look at this as a buy on the dip scenario, I suspect, and we may try to go higher. That being said, we do get an earnings report on the 22nd. So, we are about two weeks away from getting that information, which of course can make a big move.

Short-term pullbacks, of course, are possible. And we could even drop all the way to the $400 level. And it really wouldn’t change too much for me in this market. The 50 day EMA is racing towards that level. And of course, all of the hype about Tesla and Elon Musk, and Donald Trump and all that nonsense is long in the rear view mirror. And now we’re focusing on the fact that Tesla is a Wall Street darling again.

PLTR Technical Analysis

Palantir looks like it’s going to open somewhat flat, but it was trying to recover during the trading session on Thursday. So, it does make a certain amount of sense that some momentum might enter the market here. If we can break above the crucial $190 level, Palantir has a real shot at taking off to the upside and perhaps going to the $200 level. A pullback from here could open up the possibility of a test of the 50-day EMA, but as things stand right now, I don’t think any pullback even goes that far. This is a very bullish looking chart.

SMCI Technical Analysis

Super Micro Computer finds itself slightly positive in pre-market trading, but we have just filled a gap. So, it’ll be interesting to see if we can find the momentum. I think you will have to either wait for a move above $65 or see some type of pullback that at least gets people interested. Right now, you’re buying right into what could end up being a brick wall. It has been a little extended over the last couple of weeks, so that also adds more potential downward pressure.

And with that in mind, I think you have to look at this through the prism of a market that is a little stretched and you might want to be cautious here. When you look at the longer term chart, you can see just how important the $65 region is. I have to wait and see if it can take off, but I think a little bit of momentum building is probably still necessary.

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