Technical Analysis of US Major Stocks
Stock-Markets / US Stock Markets Aug 08, 2019 - 05:48 PM GMTBy: Justin_Weinger
Microsoft (MSFT)
At the present time, Microsoft is one of the best-performing major US stocks, up 59% since January 2019. Even though the tech sector had quite a bumpy ride for the past year and a half, the major software company continued to advance higher, exceeding the $1 trillion market cap valuation.
Source: tradingview.com
Technically speaking, we could see the stock price encountering resistance around $140 or 145$ zones, given that we’re in uncharted territory and we have to look round numbers. Although the stock had been a major outperformer, we could be closer to a correction than to a major continuation on the upside.
If the stock will start to weaken, previous all-time highs, located around $131.4, $120.9, and $116.1 respectively, should act as support in the face of selling pressure.
Apple (AAPL)
Currently among the Capex share trading popular instruments, the AAPL stock is locked inside a triangle formation, communicating a sense of indecision from market participants. Although the price managed to rebound substantially from the January 2019 lows, it does not show that the order flow is heavily biased towards the buy side and that at least a retest of the all-time high could happen anytime soon.
Source: tradingview.com
Both sides of the triangle had been confirmed by two points, and now traders need to see whether the structure will be broken on the upside, or a new correction lower will occur. July 30th is the next earnings date and it could function as a catalyzer for the next big move unless any significant event happens until then.
Boeing (BA)
Two plane crashes put the Boeing stock under pressure, as the company faces a great loss of credibility among customers. United Airlines already announced an extension for the Boeing 737 Max flights until October and that could impact how the BA stock will perform in the next few weeks or months.
Source: tradingview.com
Looking at the chart, we can easily notice a false breakout formation, with the $371-$394 resistance zone as the main component. So far, the price did not manage to break back above that area, a sign of weakness that could signal further losses for the price.
As long as it won’t manage to break above the resistance zone, the BA stock seems poised for further losses, with a potential downside target located around $311, where important reactions from the buyers can be spotted.
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By Justin Weinger
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