TSLA, PLTR and SMCI Forecasts – Major Stocks Looking for Floor

TSLA Technical Analysis

Tesla looks like it is going to try to at least rally a bit at the open on Friday from the crucial $380 level. This is an area that has been somewhat supportive as of late and I think you have a situation where traders are going to be looking to take advantage of cheap shares.

The question, of course, isn’t so much about Tesla. It’s about rising rates in the United States and what that does to risk appetite. In this environment, it has to prove itself to me. I want to see this thing jump and as we are getting ready to open, you can see it’s going to be a very noisy and volatile open. It would not surprise me to see this market test $350 before it’s all said and done.

PLTR Technical Analysis

Palantir is likely to be very noisy. It has been consolidating near a couple of major moving averages, so I think that’s worth paying attention to. But the $160 level looks to be a bit of a major barrier, and of course, heading into the weekend, who knows what could happen.

With that being the case, I think that’s one of your biggest enemies here with Palantir, is that it just simply is going to remain very noisy. As long as the external pressures of the war and the interest rate situation is concerned, I think although it looks bullish eventually, I think you’ve got a situation where you have to be very cautious here. Dips probably end up being buying opportunities; $128 is your floor.

SMCI Technical Analysis

Super Micro Computer looks like it’s melting down at the open and as a result, I would be very cautious trying to catch a falling knife here. This is a market that has been consolidating in a $5 range for what seems like a lifetime.

That being said, there’s been a federal indictment by the US Attorney’s Office against 3 individuals associated with the company including a senior VP and a board member. Charges involve a conspiracy to commit export control violations. While the company itself is not named as a defendant, the market is definitely freaking out about this. This might eventually be a buying opportunity, but you need to stand back and get away from this stock in the meantime.