The current week has not been good for the stock market. Nasdaq Composite has declined 2.83% this week on European woes and declining oil prices. Yesterday, 78% of the issues listed on NASDAQ declined while 19% of the issues advanced indicating that the decline is more broad based. While the overall market has shown a declining trend, lets look at the technicals for few of the tech stocks listed on NYSE and NASDAQ.
Yahoo Stock Technical Analysis
Yahoo (YHOO) stock price is approaching the 100 day moving average. 100 day moving average has been a good support for Yahoo’s stock price since it crossed it on July 24 2014. The stock price has also hit the lower of the bollinger bands indicating that price might rise up. RSI indicator also points that Yahoo’s stock is in oversold territory. The combination of these factors indicates that the 100 day moving average could support the stock price, leading to a upside over the coming days.
Groupon Stock Technical Analysis
Groupon (GRPN) stock is seen forming a double top pattern. Groupon stock price has declined after hitting a high of $8.36 on December 31st. The stock price is nearing the 100 day moving average. Previously, the stock hit a high of $8.2 before declining to its 100 day moving average level on December 16th. We need to wait and watch if the stock breaches the 100 day moving average support line.
Facebook Stock Technical Analysis
Facebook (FB) stock has just breached 100 day moving average. However, considering that the 100 day moving average has been acting as a good support for the Facebook stock over the last one year, and the rsi indicator indicates the Facebook stock is oversold, price may bounce back above the moving average level. Facebook’s RSI indicator has hit a low of 27.6.
Rackspace Stock Technical Analysis
Rackspace (RAX) stock is about to test its 50 day moving average. Rackspace volume has been declining in last few trades, as it nears the 50 day moving average, indicating that price might bounce back after testing the moving average levels. Rackspace’s RSI also indicates that the stock is oversold, further strengthening the argument for upward movement of stock price. The last time Rackspace breached 50 day moving average was on October 30th 2014.