FAANGTastic chart analysis: FB AAPL AMZN NFLX GOOGL TSLA key daily technical levels May 19


  • Big tech suffers on Tuesday as Nasdaq and S&P 500 align.
  • The crypto crash continues to hurt Tesla.
  • AAPL and AMZN retarget 200-day moving averages.

Tuesday was another weak day for equities, and our FAANGT stocks duly followed suit. Tesla outperforms ending the day in positive territory as Michael Bury disclosed a big short.

Let us dig in and see if the charts hold any insight.

Facebook (FB) stock forecast

FB shares rallied up to resistance near $314.80 and again retraced. A sustained move above this is necessary and then a break of $321.47 should lead to fresh highs. The trend is very weak with 9 and 21-day averages flatlining and Relative Strength Index (RSI), Commodity Channel Index (CCI), and Rate of Change (ROC) all in neutral territory. No high conviction trades around current levels. A break of $321.47 or $295 is needed to restart any trend moves. 

Support 310 298-296 285.78 277-200 day ma 266-256 buy zone
Resistance 315 321.47 331.81  

fb

Apple (AAPL) stock forecast

Apple shares rallied up to the $126.78 resistance level on Monday before struggling on Tuesday. Previously, AAPL had tested its 200-day moving average and it looks likely to do so again as the week progresses. This is a strong support area with the consolidation phase from March and April acting as a confluence of support with the 200-day moving average. The main oscillators are all relatively neutral – RSI, CCI and ROC. All are trending with price confirming the current small and short-term downturn. Breaking $126.78 is the first step, but breaking $131.45 will bring this sideways range to an end and set the scene for renewed bullishness and a test of $135.51. Break this, and it is on for new highs.  

Support   124 119 key 11699.24  
Resistance 126.78 pivot 129.40 weak 131.45 135.51

145.08

aapl

Amazon (AMZN) stock forecast

Amazon has been effectively stuck in a massive sideways range since Christmas, and nothing looks set to shake it just yet. The post-earnings top did look too stretched as RSI, CCI and ROC failed to make fresh highs to confirm the price high. AMZN shares are currently at a confluence of support levels from the trend line at $3,161 and 200-day moving average at $3,208. Breaking this should see a move to $2,883. A break of that and the next target is circa $2400, a strong support region. For now though, AMZN is neutral and not tempting for new positions. A break of $3,434 is needed for bullishness, a break of $3,161-$3,208 should see bears push AMZN lower.

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

amzn

Netflix (NFLX) stock forecast

Disney's recent results and in particular subscriber numbers have added to Netflix woes. The stock was already under pressure, and now this adds to concerns over Netflix's own subscriber growth, which has slowed during the last fiscal quarter. $513.70 is the key level here. Hold below and NFLX is bearish. Break and the stock should fill the earnings gap up to $539. A small long might work for a pop to $500 as the RSI, CCI and ROC have diverged from the price. They are flat or trending higher, while the share price is still dropping, a bullish divergence. $500 is a reevaluation level. The MACD is also close to giving a crossover buy signal, further adding to the potential of a swing play. However, use a stop as always. A break of the 9-day moving average at $492 would give a little more confidence. But this, however, is not a high conviction trade. 

A break of $467 will likely see a test of the $420 support region, which is highlighted. 

Support 467 420 400 380 360  
Resistance 492 9-day 500 514 200-day MA 540 556.92 593.29

nflx

Google (GOOGL) stock forecast

Google looks possibly the most bullish of the names today but still nothing too dramatic to get stuck into. GOOGL has bounced from support at $2,209 and also broken back above the 9 and 21-day moving averages. The short-term trend is moderately bullish. $2,335 should see a test, and a break should really see new highs. The one fear is that staying in this $2,240-2,335 range creates a head-and-shoulders formation with bearish connotations and a target toward $2,000. Again, there is nothing too high conviction showing. Breaks of $2,209 or $2,335 are the bearish and bullish pivots. Strong support regions are highlighted at $2,100-2,000 and $1,800-1.700.

Support 2241 2209 2100 2000 1911 weak 1800 1700
Resistance 2335 3431 2500      

Tesla (TSLA) stock forecast

Finally, we save the best until last (or the worst, depending on your view). The fundamentals look stretched for Tesla, with a huge price/earnings (PE) multiple and increased competition from legacy automakers. The technical view is also less than rosy. TSLA has had a rough 2021, but given the price rise in 2020, this should not come as too much of a surprise. Tesla now looks to have more or less firmly broken 200-day moving average support with a retracement to confirm on Tuesday. The Tuesday move stalled at $591. $539 remains the first target and then sub-$500. 

Support 539 500 465 430    
Resistance 586 200-day 591 667 bullish 715 781 900

 

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