AMZN, NFLX and RGTI Forecast – Tech Heavyweights Look Strong Still

AMZN Technical Analysis

Amazon has rallied again as we broke out of that flag that I had pointed out about a week ago, and pre-market looks like it’s going to be right around the highs of the previous session, maybe down just a touch, but it did break out to all-time highs during the session on Wednesday.

So, one would assume that even if we do get a pullback on Thursday it should continue to find plenty of buying interest. You clearly cannot be a seller of Amazon at this point and with its earnings call coming up on the 30^th, we could have people trying to position ahead of that announcement.

NFLX Technical Analysis

Netflix just skyrocketed after earnings overnight and now this looks like a situation where we’re going to try to drop maybe a little bit and fill some of the gap, and then continue to go higher. For what it is worth in the pre-market trading we’ve got about another hour and a half as I record this, it is up about $1.50.

So, I think ultimately this is a market that what happened is that traders got a little bit nervous right around the $1,000 level. Perhaps options traders got involved in something to that effect, but this is a market that pullbacks should continue to be buying opportunities.

RGTI Technical Analysis

Rigetti computing continues to attract a lot of attention, it looks like it’s going to open up a little bit lower during the session, but the price action over the last couple of weeks has been insane. People who reacted to Jensen Wang suggesting that quantum computing is 10 to 15 years away have doubled their money buying into this dip. Now we find ourselves somewhat in no man’s land. We’re right in this gap, but it looks like there is support underneath.

So, I suspect this is going to be a wild bottoming pattern that people will be paying close attention to, with support at various places like $10 and $6, as well as the 50-day EMA. This is one of those plays that people are hoping to turn into an Amazon, meaning that if you buy it now a decade from now, you’ll have a ton of money. We’ll just have to wait and see if that’s true, but at this point in time it certainly looks like a stock that has a lot of interest and a lot of volume.