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3 FAANG Stock Laggards Look For A Return To Highs

April 8, 2021 3:51 pm
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3 FAANG Stock Laggards Look For A Return To Highs

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.

amzn_april_8.pngThe 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.

apple_april_8.pngThe 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.

Related Link: Netflix Snags US Streaming Rights For Sony Pictures

nflx_april_8.pngAMZN, 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. 

Photo courtesy of Amazon. 


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