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Today’s newsletter will cover the following stocks:
Rocket Lab USA, Inc. (NASDAQ: RKLB)
RKLB has made a significant move up over the past year or so, and was up more than 10x from the Apr’24 lows at its peak. However, it has started a correction sequence.
Based on today’s overnight session trading, RKLB has been unable to hold the 18.47 weekly bullish imbalance support, and could find itself retesting 16.05 quarterly support once more. Breaking below this quarterly support level/ bullish imbalance level could see further downside into 13.90-14.01, which was previously resistance in 2021.
The main trend that I’m focused on for RKLB is the long-term support trendline (in blue). The weekly SKDJ indicator suggests further downside expansion to come until there is a weekly bullish crossover, and most likely a retest of the long-term trendline (in blue).
Alphabet Inc (Google) Class C (NASDAQ: GOOG)
The path ahead for GOOG could be rocky. The monthly SKDJ formed a bearish crossover in Aug’24, and the monthly RSI formed a bearish divergence in Jan this year. Since then, GOOG looks poised to head back into its long-term trendline (in green), completing the bearish divergence.
Defending 148.20-155.20 (prior resistance zone) is key for further upside. GOOG has plenty of supports underneath this level, and I’ve indicated them on my chart. Until the weekly SKDJ indicator forms a bullish crossover, upside could just be snapback rallies designed to trap bulls at lower highs.
The risk of holding GOOG increases significantly if the long-term trendline (in green) is broken. Until then, GOOG could either trade sideways or trade down into the trendline.
Apple Inc (NASDAQ: AAPL)
AAPL’s upside has become increasingly choppy as it heads into the IPO resistance trendline (in red). It has several support trendlines, with a long-term one (in green) and a mark-up support trendline (in dark green).
The monthly SKDJ is on the verge of a bearish crossover - the first one since Feb’24. The RSI is also weakening alongside volume despite the uptick in AAPL’s stock price, suggesting fewer and fewer participants are bullish at elevated prices.
AAPL’s weekly SKDJ formed a bearish crossover 2 weeks ago, and rejected at the weekly bearish imbalance level at 218.84. It could now see a pullback into the 207.11 support level, with a break below this level seeing fast downside expansion into the 196.38-196.94 strong support level and channel (in dark blue) support.
Again, not much else to do except to observe the reaction at channel support and the support levels I’ve indicated. The most actionable setups in this kind of environment are usually structural breakdowns or breakouts.
$Rocket Lab USA, Inc.(RKLB)$ $Apple(AAPL)$ $Alphabet(GOOG)$ $Tesla Motors(TSLA)$ $SPDR S&P 500 ETF Trust(SPY)$
@TigerWire @TigerStars @CaptainTiger @MillionaireTiger @TigerEvents
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