3 Bullish Tech Stocks For Technical Traders Going Into The Week
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The SPDR S&P 500 ETF Trust (NYSE: SPY) closed at an all-time high of $400.64 Friday following a seven-week-long tech rout. With the ramp-up to earnings season starting, the following three tech stocks could be headed for a bullish week. Apple Inc (NASDAQ: AAPL) closed on strong daily support at $123. Apple stock is trading above the commonly followed 8- and 21-day exponential moving averages and looks to be completing the right shoulder in a bullish inverted head-and-shoulder pattern. If Apple can clear the white descending trendline, and break the neckline of the inverted head-and-shoulder pattern, it has room to rise to $127.28, which is the next level of resistance on the daily chart. Palantir Technology Inc (NYSE: PLTR) is trading in a bullish falling wedge pattern on the daily chart. Although it may need more time to complete the pattern, a break of the descending trendline and a push through daily resistance at $25.21 could see Palantir stock rise up to fill the gap between $30.44 and $31.34. Palantir stock is currently trading above the 8 EMA but below the 21 EMA. A break above the 21 EMA would also be bullish. Tesla Inc (NASDAQ: TSLA) closed above daily resistance of $655.90 and above the descending trendline that had been holding it down since Feb. 8. Like Apple stock, Tesla stock is completing the right shoulder of a bullish inverted head-and-shoulder pattern. Traders would like to see Tesla stock break above the next daily resistance of $693.91, which could see the stock rise to its next daily resistance level of $718.16. With Tesla’s first-quarter delivery numbers out of the way now, traders can use the chart to predict price action with less risk. See more from BenzingaClick here for options trades from BenzingaThese ViacomCBS Option Traders Think A Bounce Is DueTesla Option Traders Are Betting Bullish But Recognize Downside Risk© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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HEDGE accordingly