FAANGTastic Chart Analysis: FB, AAPL, AMZN, NFLX, GOOGL, TSLA key daily technical levels

• Big tech continues to bounce from strong support zones.
• Crypto cash is flowing back to meme stocks.
• Tesla is just holding onto its 200-day support.

That Friday feeling continued on from Thursday's gains for big tech, as we had identified some strong support zones across most of the major names. Tesla still looks the most vulnerable to a further breakdown as it sits precariously on the 200-day moving average support. 

Anyway, let us dig in and see if the charts hold anything for us to make some money.

Facebook (FB) stock forecast

The move on Thursday stalled at the confluence of the 9 and 21-day moving averages and left us a bit undecided heading into Friday's session. The weak Retail Sales data gave the lower-for-longer interest rate boost stocks needed, and Facebook duly obliged breaking the 9 and 21-day MA's early on. A steady move higher culminated in a 3.5% gain to close at $315.94.

FB shares also just about took out the resistance at $314.80 but are now in a small resistance zone from there until $321.47. So expect price appreciation to be steady above $314.80. A break of $321.47 should accelerate a push to new highs above $331.81.

The key is to hold 9 and 21-day MA support at the $310 region. A break there will see a test of the recent trendline developing from the late-April lows across to the low from last week. Currently, this support is at $298.52. Last week, we wrote "a higher low on Thursday may be an initial bullish sign, but it is pretty early. FB shares traded up and stopped at the confluence of the 9 and 21-day moving average on Thursday. This is the first resistance to overcome, the $309 region. After that, there is small resistance at $315 and $321 before testing highs at $330".

So, the first part has worked nicely. Now, the second push will be tougher. 

Breaking the $296 level after the small trendline at $298.52 will then target the 200-day MA at $276. This gets us close to our buy zone at $266-256. FB consolidated here in March and took off. This should stall any more weakness, at least temporarily, and provide a good entry for speculative longs. The Relative Strength Index (RSI) and Commodity Channel Index (CCI) have given a nice combination of overbought signals, the last one being after Q1 2021 results.

Support	310	298-296	285.78	276-200 day ma	266-256 buy zone
Resistance	315	321.47	331.81

Apple (AAPL) stock forecast

Apple shares rally just about up into our neutral zone. Most notable, though, is that Apple stalled at the 9-day moving average (MA) resistance at $127.33. This is the first level to break, which will set the scene for a move to test $131.45. From $131.45 to $135.51 we can find a pretty strong resistance, consolidation area, so AAPL may find it hard to accelerate through this region. Once $135.51 is taken, the move should accelerate toward a test of highs at $145.08. There is little consolidation or price discovery between $135 and $145.

We can see clearly why Apple staged the recovery. Our bear target, the consolidation-1 area is a zone of strong price support with large price discovery and volume. This area also neatly contained the 200-day moving average (MA) support. So, it was a strong support zone.

AAPL shares are at a pivot now from the 9-day MA. Break higher and the levels above will be in play but a failure will see a retracement toward $124 and $123 the 200-day MA. Failure would also likely see a more prolonged period testing the consolidation-1 area. This will enable traders to play the range ($119-124) and use stops in case of any breakouts. 

Both MACD and DMI are in bearish territory, while the RSI and CCI remain relatively neutral.

Support	126.78	124	119 key
Resistance	127.33 pivot	129.40 weak	131.45	135.51	145.08

Amazon (AMZN) stock forecast

Amazon shares kept it pretty steady on Friday with a modest 1.9% rise to close at $3,222.90. The first resistance to take is at $3,268 and from there AMZN has a small gap to fill at $3,367-3,372. This should then see a test of the $3,354.12 high.

Trendline support at $3,142 remains in place and strong. A break of this level and Amazon shares will find support from the circled consolidation zone around $3,080 so expect stable price declines. This area is not very strong though. 

There is very little price discovery and acceptance below $2,883, so a break could see a sharp acceleration toward the buy zone at $2,500-$2,300. Below, there is a strong buy zone at $1,800-2,000. This is a big consolidation area from March 2020 before the move higher. The highs at $3,555 did not see a matching high in either RSI or CCI, so this is a bearish divergence.

Support	3142 key	3080	2883	2500	2300	2000
Resistance	3240 9-day MA	3268	3434	3555

Netflix (NFLX) stock forecast

Netflix bounced despite Disney posting earnings numbers that disappointed. In particular, Disney subscriber numbers disappointed. This should have a negative read-across for Netflix but NFLX rose 1.4% on Friday as FAANG bite back. Disney (DIS) closed nearly 3% lower on Friday for comparison.

The bounce in NFLX shares stalled at the 9-day MA at $495. This is the first resistance to break. $500 is a key psychological round number (amazing how well these work, humans love symmetry) and shows up as being well tested on the chart. From $500-514 we have a small consolidation area that will be tough to break above, the 200-day MA sits at $514 at the time of writing. If NFLX shares do break higher the move should accelerate and fill the large earnings gap to $540. Break $540 and it is on for a push to highs above $593.29.

There is quite a bit of price traffic from $487-476 and once below the key support at $467 will be targeted. A break of that should see the price accelerate until it reaches the $420 support zone. This can be the first area to try for those of a long persuasion. The second support zone at $380-360 is stronger. 

MACD and DMI are still in bearish crossover territory. Any move lower would need confirmation from the RSI and CCI. The recent lows did not see a corresponding low from either. Divergences can be strong signals.

Support	467	420	400	380	360
Resistance	495	514-200 day	514 200-day MA	540	556.92	593.29

Google (GOOGL) stock forecast

GOOGL shares broke out of the small range we identified on Thursday and the shares traded up to short-term resistance at $2,276. This is the confluence of the 9 and 21-day moving averages. Breaking and remaining above $2,276 is the first task before targetting resistance at $2,335 and a small gap above. This will then set GOOGL shares up for a test of new highs above $2,431.

Breaking $2,209 should see a trade quickly to the next range at $2,100-$2,000. Below, there is a strong buy zone, the range from $1,800-$1,700. The 200-day MA sits at $1,826, adding to this support region. 9 and 21-day moving averages are still trending lower and so are RSI and CCI, which are helping to confirm. MACD and DMI both remain crossed into bearish territory. 

Support	2241	2209	2100	2000	1911 weak	1800	1700
Resistance	2209	2240 key	2280-90	2431

Tesla (TSLA) stock forecast

Tesla looks the weakest of our list here as it continues its struggles post entering the S&P 500 index. It has been a strong slide since earnings in late April disappointed investors. 

Tesla is still on course to go sub-$500 with a pit stop at $539 on the way. Friday's price action was strong though with a 3% gain. The key level to hold is clearly the well-watched 200-day moving average at $584. A break of this and it is down to $539 and then sub $500. For now, that still looks the most likely outcome as the trend remains firmly bearish.

Some respite though was seen on Thursday, as both the RSI and CCI signalled oversold levels and Tesla duly obliged with Friday's rally. In order for the rally to continue, Tesla needs to break $624, the 9-day moving average. But only on a break of $667 does the bearishness firmly end.

$539 remains the first target and then a test of the sub-$500 consolidation 1 area identified on the chart. This is a pretty decent buy zone. A long period of price consolidations in the middle of a strong upward move.

MACD and DMI crossed into bearish territory. 

Support	539	500	465	430
Resistance	582	591	667 bullish	715	781	900

 

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