3 FAANG Stock Laggards Look For A Return To Highs

Amazon.com Inc AMZN, Apple Inc AAPL and Netflix Inc 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 FB and Alphabet Inc GOOG 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.

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.

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.