Facebook Inc (NASDAQ:FB) stock looks set to move higher.
Shares of Menlo Park, California-based Facebook Inc (NASDAQ:FB) have managed to bounce back quite nicely after a brief correction earlier in the month. The correction which hit tech stocks across the board, also dragged FB stock by as much as 7% from the highs of June 9th, which also happen to be the 52 week high for the stock, to the lows of the next trading session on June 12th. However, as we had predicted, Facebook shares have risen gradually since then. And after yesterday's trading session the stock price is within touching distance of its 52 week high of $155.6 per share. And the technicals suggest that a move higher could be on the cards.
FB stock was facing resistance from its 20 day Simple Moving Average, with support from its 50 day SMA. However, yesterday's uptick of close to 1.5% has taken the stock past its 20 day SMA. If the stock price manages to stay above the 20 day SMA today, it's likely the stock will go on to make new highs in the coming days. To strengthen the case, the stock isn't near overbought territory if you go by the Relative Strength Index. An upswing could also trigger a bullish MACD crossover, which could further reinforce the bullish trend.
Twitter Inc (NYSE:TWTR) stock could trade in a range.
Shares of San Francisco, California-based Twitter Inc (NYSE:TWTR) look set for rangebound trade. TWTR stock has bounced back from its support level at the 100 day SMA a couple of times in the last few days. And after yesterday's 2.3% surge, it's testing the 50 day SMA right now, which is currently acting as a resistance. If the stock doesn't break out above this resistance today, it might just give up some gains to move back lower, towards the 100 day SMA. However, if it does break out, the next resistance is likely to come from the 200 day SMA at $17.47. With the 100 day SMA serving as a strong resistance, and given the lack of fresh positive triggers, Twitter shares look set to trade in this range. Further, given the current state of the MACD, it's fair to say there's a negative bias.
Plug Power Inc (NASDAQ:PLUG) stock looks set for higher ground.
Shares of Plug Power Inc (NASDAQ:PLUG) had found support in their 20 day SMA lately, while the 50 day SMA was acting as a resistance for a while now. Following yesterday's up-move, PLUG stock has risen past the 50 day SMA. If Plug shares manage to stay above the 50 day SMA, which is currently at $2.11, they could continue to move higher, with the moving average acting as a support. While Plug stock seems to have entered overbought territory if you go by the Bollinger Bands, with the stock price touching the upper band, the RSI doesn't concur. With the RSI currently at just under 62, overbought territory could take some time in coming. With the MACD showing a positive bias, Plug shares could be headed higher in the near term.
Just to quickly wrap up with some other key technical triggers for the day, shares of Advanced Micro Devices Inc (NASDAQ:AMD) are facing strong resistance from their 50 day SMA, at $11.86. AMD managed to close yesterday's trading session above that level, at $11.93 a share. Keep an eye on this stock today. If it manages to stay above the 50 day SMA, AMD shares could be headed higher. If not, the stock is likely to drop further, which could also result in a bearish MACD crossover, suggesting even more near term downside.
Shares of Valeant Pharmaceuticals Intl Inc (NYSE:VRX) have bounced back from their support, the 100 day SMA and as we'd predicted yesterday, they have broken out above the resistance from their 20 day SMA. The stock is also on the verge of a bullish MACD crossover, which suggests that there could be more near term upside here.
The other triggers we looked at yesterday were for Apple (NASDAQ:AAPL) and Wal-Mart Stores Inc (NYSE:WMT). We expected Wal-Mart to fall further, but it didn't. The next resistance for the stock is less than a Dollar away, though. So, watch out for that. Apple shares looked oversold, as we highlighted yesterday. This thesis did play out, with the stock gaining by close to 2.9%. The next resistance for Apple is about 2 Dollars away, with a strong resistance at $151 a share. If you're looking for more such technical trading ideas, check out our daily trading ideas section.
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