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Fourth of the week! Let’s review a few more names here:
Applied Materials, Inc. (NASDAQ: AMAT)
AMAT is currently trading within the green ascending channel, alongside a tighter yellow ascending channel.
It rejected off the 2.618 Fib extension at 380.20 and has since formed a weekly imbalance at 355-366. After the retest of yellow channel support, AMAT is currently in the midst of retesting the said imbalance from below.
If AMAT rejects off this 355-366 weekly imbalance, a lower high and structural breakdown of the yellow channel could follow. This would likely result in a deeper pullback into the monthly imbalance at 276-287.
Otherwise, if AMAT fills the 355-366 and turns it into support, it can push back into the 380.20 Fib level. Note that if AMAT turns this Fib level into support, it could see upside continuation into the green channel resistance.
Equinix, Inc. (NASDAQ: EQIX)
EQIX has been trading in the green ascending channel with frequent false breakouts and breakdowns.
Recently, it broke out of the dark blue resistance trendline. It formed a weekly imbalance at 849-911 but rejected off the 2025 prior high at 964.73.
If EQIX manages to reclaim the 964.73 prior high and turn it into support, then it could see a push into the 1,152.39 Fib level.
However, if EQIX continues to reject the 964.73 prior high, then it could retrace into the 911.40 weekly level.
Starbucks Corporation (NASDAQ: SBUX)
SBUX is currently trading in the green ascending channel, with a shorter-term pennant consolidation taking place below the 101.37 Fib level.
Following another penannt resistance rejection, SBUX has pulled back into the quarterly 91.89 level. If this level is lost, SBUX can see a deeper retracement back into pennant support, and the half-yearly support confluence sitting at 81.03.
Otherwise, if SBUX breaks above the 101.37 Fib level and turns it into support, it's more likely to see another push back into the 2025 prior high at 117.40.
If SBUX turns 117.40 into support, it could finally push towards the next Fib level sitting at 161.84.
Note that if SBUX breaks down from this consolidation pattern, then it could see the 69-74 area next.
@TigerWire @TigerStars @TigerEvents @CaptainTiger @MillionaireTiger
$Applied Materials(AMAT)$ $Equinix(EQIX)$ $Starbucks(SBUX)$ $Microsoft(MSFT)$ $Alphabet(GOOG)$
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