TSLA, PLTR and SMCI Forecast – Major Tech Stocks Trying to Bounce

TSLA Technical Analysis

The market for Tesla looks a bit positive in pre-market trading, as we are trying to recover from the massive selloff that we saw on Thursday. It wasn’t really a Tesla story; it was an anything-that-can-be-sold story on Thursday as markets just took a massive dive. This is a situation where the 50-day EMA above continues to offer resistance, and I think you have to look at it through that prism. So a short-term bounce is possible, but I would not read too much into it until you get better participation from the entire stock market, not just Tesla. If we do drop from here, the $365 level could be significant support.

PLTR Technical Analysis

Palantir looks like it’s going to try to recover as well, although maybe not as aggressively as Tesla, as it really got whacked on Thursday right along with so many other companies. If the market were to drop from here, then the $145 level and then the 200-day EMA could come into the picture for support. If we turn around and rally, watch that $163 level, because it’s been important as both support and resistance multiple times in the past. I don’t necessarily want to short this market. I just think we need a broad consensus of risk appetite picking up for stocks like Palantir to do well.

SCMI Technical Analysis

Super Micro Computer looks like it is going to try to recover a little bit after that shellacking it took on Friday. That being said, this is a market that’s been rangebound for ages, and what I’m actually paying attention to is somewhere around the $28 level. If we do in fact turn around and fall, look to see if we can bounce from there and take advantage of what’s been a very comfortable range for the entire year. So with that being said, this is a wait-and-see market as well.

I definitely think it’s difficult to jump in and start buying hand over fist heading into a Friday after a massive selloff like we’ve seen in a lot of tech companies, not just this one. It’s also worth noting that we just kicked off the Death Cross with the 50-day EMA crossing below the 200-day EMA, but in a rangebound market, it doesn’t mean as much to me.

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