US Stock Forecast – Tesla, Amazon, and Apple Rebound Near Key Moving Averages

Tesla

Tesla looks like it is going to try to keep most of the gains from the previous session. It’s down ever so slightly in pre-market trading, but remaining elevated is a good sign. It shows that it continues to have at least some support at this point.

The $350 Level

I’ll be watching the $350 level. It’s where we turned around from previously, and it is a level that’s been important in the past. Clearing that would be a huge victory, but right now, it looks like we have a little bit of a dogfight on our hands. The 50-day EMA racing towards that area will be important as well, but we have bounced pretty significantly over the last couple of weeks.

Tesla daily chart shows the rebound approaching $350 resistance and the 50-day EMA. Source: TradingView.

Amazon

The market for Amazon looks like it is ever so slightly positive, and this is a market that shot straight up in the air and has since pulled back from that big earnings beat. Right now testing the 50% Fibonacci retracement level; that’s a good sign for technical traders as well, and we have the 50-day EMA just below there, so that in and of itself might attract a certain amount of attention also.

Amazon daily chart shows price testing Fibonacci support with the 50-day EMA below. Source: TradingView.

Apple

Apple looks like it’s fighting back. We had a little bit of a double bottom here at the $300 level play out, and in pre-market trading, it’s slightly positive. So, after that really bad reaction to some comments during the earnings call, it looks like we have stabilized just above $300, and now there might be value hunting.

A Double Bottom Trying to Prove Itself

This is a market that had been in a pretty strong uptrend, and part of what’s going on here is there seems to be a lot of speculation on Wall Street about Apple and Nvidia or some other tech giant working together. I’ve seen a couple of stories about this, how they may get into the AI race as well. It’ll be interesting to see how that plays out, but from a technical analysis standpoint, this looks like a double bottom that’s trying to prove itself correct.

Apple daily chart shows stabilization above $300 as a potential double bottom develops. Source: TradingView.