The SPDR S&P 500 ETF Trust SPY closed at an all-time high of $400.64 Friday following a seven-week-long tech rout. With the ramp-up to earnings season starting, the following three tech stocks could be headed for a bullish week.
Apple Inc AAPL closed on strong daily support at $123. Apple stock is trading above the commonly followed 8- and 21-day exponential moving averages and looks to be completing the right shoulder in a bullish inverted head-and-shoulder pattern. If Apple can clear the white descending trendline, and break the neckline of the inverted head-and-shoulder pattern, it has room to rise to $127.28, which is the next level of resistance on the daily chart.
Palantir Technology Inc PLTR is trading in a bullish falling wedge pattern on the daily chart. Although it may need more time to complete the pattern, a break of the descending trendline and a push through daily resistance at $25.21 could see Palantir stock rise up to fill the gap between $30.44 and $31.34. Palantir stock is currently trading above the 8 EMA but below the 21 EMA. A break above the 21 EMA would also be bullish.
Tesla Inc TSLA closed above daily resistance of $655.90 and above the descending trendline that had been holding it down since Feb. 8. Like Apple stock, Tesla stock is completing the right shoulder of a bullish inverted head-and-shoulder pattern. Traders would like to see Tesla stock break above the next daily resistance of $693.91, which could see the stock rise to its next daily resistance level of $718.16. With Tesla’s first-quarter delivery numbers out of the way now, traders can use the chart to predict price action with less risk.
See also: Best Stocks Under $5
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