FB Daily Charts on 2nd Aug 2018

Recent 24% plunge of FB stock presents an opportunity to buy this fascinating stocks. FB had been consolidating around $170 in the last couple trading sessions. The formation of candles signaling potential bullish reversals after this consolidation period. The last candle showed a bullish engulfing pattern, confirming a bullish momentum might be imminent. A bearish candle with a long down shadow signals potential bottom after the plunge.

The last candle has opened at 170.68 and closed at 176.37, with daily range 176.79 to 170.27. For next trading session, I need to confirm the stock stays above 50% retracement as low as 173.53. If this hold, I will be bullish on FB.

DISCLOSURE:
I’m looking to enter a long position on FB right now.

Advertisements

AMD Daily Charts on 2nd Aug 2018

AMD stocks has been on a bullish move since the first quarter of the year.

Despite all the bullish movements, technicals show a weakness in the last up swing. All MAs are still bullish. The fourth candle from the right showed a potential top. It seems AMD is in consolidation near the top right now, even it’s still within a bullish trend. RSI signaled potential bearish reversal in short term. MACD showed diminisihing bullish momentum. Shorter up burst followed by down movement signaling profit taking is imminent.

DISCLOSURE:
I’m long AMD stocks and looking for opportunity to unload my position.

AMZN Daily Charts on 2nd Aug 2018

Below is AMZN daily charts on 2nd Aug 2018.

Technical indicators signal for more upside move in short term. RSI is bullish as the indicator crossed the 50 line. MAs are aligning for futher bullish momentum. All price actions happened above the 20 MA confirming the strength of bulls. MACD dipped slightly signaling short term weakness but it’s already pointing up again in the last 2 trading session.

Despite all the bullish euphoria, the potential of profit taking is still imminent. A stock with such explosive move as AMZN is likely to experience drastic profit taking activities as a lot of bulls are carrying hefty paper profit right now.

DISCOLOSURE:
I’ve been piling on AMZN stocks and options since $600. 🙂