TSLA, AMD, MARA: Still Rule This Week?
As we head into the final days of May 2024, I wonder aloud whether Top 3 traded stocks (last week) will continue to remain as such by Fri, 31 May 2024.
Top 5 Recap.
Top 5 stocks for Week of May 20 - 24; based on trading volume are: (see above & below)
Nvidia Corp (NVDA).
Status Quo or Change?
Curious whether these stocks remain actively traded by investors (institution & retail), as economic reports look set to exert its influence over the US market trajectory ?
To put things into perspective, let’s look at the Top 3 stocks based on simple Technical Analysis (TA) indicators.
TA indicators referenced :
Moving averages (ma) - 200 day, 50 day and 20 day.
MACD.
Relative Strength Index (RSI).
Marathon Digital (MARA).
Marathon Digital Holdings (Mara) is trading above its three “moving averages” of 200-day, 50-day and 20-day.
By TA, this is considered a bullish signal.
The “Golden cross” further affirmed the stock’s bullishness.
With its MACD line at “1” and Signal line is “0” - it hints of an increasing bullish momentum.
Rounding it off is Mara’s RSI of “53” indicating “neutral ground” with Mara neither overbought or oversold.
With Bitcoin price hovering at $67,899.64 per BTC coin as of Tue, 28 May 2024 (3pm Singapore time), it is off its peak of $72,746.04 achieved on 13 Mar 2024.
The potential / probability to peak again exists.
Advanced Micro Devices (AMD).
Although Advanced Micro Devices (AMD) is trading above its three “moving averages” of 200-day, 50-day and 20-day, it barely made it for its 50-day ma.
By TA definition, it is considered a bullish signal.
Its 50-day ma is trending above its 200-day ma but there was no cross over.
Overall, it still holds some bullish implications, albeit a weaker signal compared to a classic "golden cross" where the 50-day actually crosses above the 200-day.
With its MACD line at “1” and Signal line at “-1” and the MACD line crossing above the signal line, it shows a strong potential short-term bullishness.
Rouding it off is AMD’s RSI of “57” indicating “neutral ground” with AMD neither overbought or oversold.
On 18 May 2024, $Microsoft(MSFT)$ announced it plans to offer its cloud computing customers a platform of AMD artificial intelligence chips (MI300X).
This will be an alternative to Nvidia's H100 family of powerful GPUs, that has dominated the data center chip market for AI and can be hard to get hold of due to high demand.
It certainly is “welcoming” news to the first-cousin of Nvidia’s CEO.
Family tree relationship aside, this paves the way for AMD to grow and compete on Nvidia’s playground.
Tesla Inc.
Tesla Inc (TSLA) is trading above its two “moving averages” of 200-day and 50-day. And its a tad below its 20-day ma.
By TA definition, overall it is considered a bullish signal.
The “Golden cross” further affirmed the stock’s bullishness.
With its MACD line at “0.03”, Signal line at “0.10” and a MACD crossed over (where MACD line intersected the signal line downwards), it is a sign of (a) weakening momentum and (b) a potential decline in price.
Rounding it off is Tesla’s RSI of “49” is also “neutral ground” with Tesla neither overbought or oversold.
With a clashing set of data, Tesla is indeed in a state of “confusion”.
How could it not be when Mr CEO continues to create waves in the media.
The above brewing storm will culminate on 13 June 2024 (less than 17 days to go) when shareholders will get to vote.
If voters are smart, they should vote to reject (a) the "excessive size" of the deal and (b) its potentially negative impact on smaller shareholders.
Approval of Musk’s pay package will have implications to Tesla’s stock price.
Still, it’s essential to consider other factors eg. company news, financial reports, and market sentiment to derive overall impact.
My viewpoints: (mine only)
When it comes to assessing a stock’s price & its movement, TA indicators are just one part of a comprehensive analysis.
Even TA indicators are constantly evolving based on the many interacting factors.
They should not be used in isolation when making investment decisions.
Investors should consider other factors, eg. (a) market conditions, (b) company fundamentals, (c) broader economic indicators etc… before making any trading decisions.
Investors are advised to conduct their own research, due diligence or even consult a financial advisor when investment is sizeable.
On last week’s top 3 traded stocks, my gut feel says “up, up and away for AMD”?
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Do you think the Top 3 traded stocks will remain on the leader board when Friday ends?
Do you think there are other “more value for money” stocks to invest besides these three ?
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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.
What are you doing $Advanced Micro Devices(AMD)$ ? Look at $NVIDIA Corp(NVDA)$
Where’s the point of $Tesla Motors(TSLA)$ 🥲
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