Advanced Micro Devices Inc (NASDAQ:AMD) Stock Finds Support.
Amazon.com Inc (NASDAQ:AMZN) Stock Finds Support.
Amazon.com Inc (NASDAQ:AMZN) is another tech stock which has corrected significantly following its earnings release a few days ago. Amazon's earnings numbers missed estimates leading to the fall. AMZN stock has now found support at its 100 day SMA, and since the stock has remained above this support level for two days in a row, the support seems to be strong. If Amazon stock continues to sustain above this level, an uptick could be on the cards in the coming days. Like in the case of AMD, Amazon's RSI is currently higher than the oversold threshold of 30, at about 39. However, the stock has entered oversold territory, if you go by the Bollinger Bands. The next level of resistance will come from the 50 day SMA, which is currently at $996. The 50 day SMA has been a strong support prior to this breach, which makes it a strong resistance level, taking into account the change in polarity rule. Since this is also close to the psychological $1000 mark, this may turn out to be a strong resistance.
NVIDIA Corporation (NASDAQ:NVDA) Stock Breaches Key Support Levels.
NVIDIA Corporation (NASDAQ:NVDA) stock has breached key support levels, and looks poised to head lower. Nvidia's 20 day SMA had been serving as a support level until Friday, when the stock fell sharply. This recent fall was a big gap down, which is a bearish signal in itself. Further, the decline has suddenly pushed the stock to breach key support levels. Nvidia stock has fallen below its 20 day SMA and 50 day SMA. Both these SMA's could now be considered strong resistance levels. If NVIDIA stock doesn't bounce back above the 50 day SMA today, a further correction could be on the cards. In addition to these moving averages, there's also a bearish signal from the Moving Average Convergence Divergence (MACD). The MACD has separated from the signal line to move lower. And while the stock looks oversold if you look at the Bollinger Bands, the fact that there are several bearish signals suggests that the correction may not end just yet. While we like Nvidia stock from a fundamental standpoint, based on technicals, its investors might want to avoid the stock in the near term.
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