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3 FAANG Stock Laggards Look For A Return To Highs

Benzinga2021-04-09

Amazon.com Inc (NASDAQ: AMZN), Apple Inc (NASDAQ: AAPL) and Netflix Inc (NASDAQ: NFLX) have been lagging their FAANG counterparts.

After retracing 18%, 21% and 17%, respectively, from all-time highs, none of the stocks has made a run at an all-time high, as is the case with Facebook Inc (NASDAQ: FB) and Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL).

This could change, however, as the Nasdaq 100 has had a bullish seven trading sessions and looks to be working its way back toward the all-time high of 13,909.80 it made on Feb. 16.

The Amazon Chart: On Thursday, Amazon broke above the bullish descending channel it had been trading in since Sept. 2, 2020.

On April 1, the eight-day exponential moving average (EMA) crossed above the 21-day EMA, which is bullish, and Amazon’s stock has been trading above both commonly followed EMAs ever since.

Although it appears somewhat extended from the EMAs on the daily chart — meaning it may need some daily consolidation so the EMAs can catch up to Amazon’s price — the stock looks to be headed towards it next resistance level of around $3,342.

If Amazon’s stock can rise above the next resistance level, it could make its way back toward its all-time high of $3,552.25.

The Apple Chart: On Wednesday, Apple’s stock broke above its resistance level of $127.28 after getting follow-through from a bullish inverted head-and-shoulder pattern.

It is trading above both the eight-day and 21-day EMAs, which crossed back on April 5 but like Amazon’s stock, it is extended from the EMAs and may need consolidation before a stronger push to the upside.

If Apple’s stock can maintain its upward trajectory, it should reach the gap on the chart in the $332 range.

The Netflix Chart: On April 1, Netflix’s stock broke bullish from the descending channel it had been trading in since Jan. 20, when the eight-day EMA and 21-day EMA crossed.

Like both Amazon and Apple’s stock, it is currently extended from the EMAs, and on Thursday afternoon Netflix’s stock had difficulty getting over a resistance level of $557.39.

If Netflix can push up over that resistance level, there is not a lot of further resistance in its way until it reaches its previous all-time high of $593.95.

AMZN, AAPL, NFLX Price Action: Shares of Amazon were trading 0.64% higher at $3,300.26 ahead of the close Thursday.

Apple shares were up 1.81% at $130.21.

Netflix shares were gaining 1.2% at $553.58.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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  • potatochip
    ·2021-04-11
    Good stocks worth considering
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  • Estada
    ·2021-04-09
    The pr of Faang stock is still high 
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  • heartspanda
    ·2021-04-09
    Hi
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  • huatking
    ·2021-04-09
    Good read
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  • WinZ
    ·2021-04-09
    Pls help comment
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    • WinZ
      [微笑]
      2021-04-09
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  • DarwinCs
    ·2021-04-09
    Lolol
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    • UNCLEUNCLE
      why
      2021-04-09
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    • WinZ
      [开心]
      2021-04-09
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  • CL777
    ·2021-04-09
    More to come for Amzn and Appl
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    • CL777Replying toSheryl85
      [财迷][财迷][财迷]
      2021-04-10
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    • CL777Replying topotatochip
      [财迷][财迷][财迷]
      2021-04-10
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    • potatochipReplying toCL777
      Looking forward!
      2021-04-10
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    View more 2 comments
  • WGSsss
    ·2021-04-09
    Great ariticle, would you like to share it?
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  • Dummy_Inv
    ·2021-04-09
    Cool!!! Good for those who are vested 
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