GOOGL, NVDA and TSLA Price Outlook – Major Tech Stocks Mixed in Premarket

GOOGL Technical Analysis

Google looks like it’s going to open up rather poorly on Wednesday after an earnings call that quite frankly, suggested some major issues, not only in the numbers with the small downward surprise in revenue, but its forward guidance and outlook, and the concerns of course about what’s going on with China as Google is being investigated. Quite frankly, this ends up being a buying opportunity because Google is not a big thing in China anyway. So, as people panic out of this, the astute trader will be looking at the financials and perhaps trying to find value.

It looks like we’re going to open the session down about $17, which is a pretty significant drop, but the 50 day EMA and $187.50 both offer support. So, I would like to see how it reacts to this area here. It might be a nice entry point. We’ll just have to wait and see. Remember, price is truth. At the end of the day, the theories don’t matter. What matters is what direction the chart starts heading in. If we see a bounce from here, it could end up being an opportunity that is essentially what I’m seeing.

NVDA Technical Analysis

Nvidia looks like it’s going to open up ever so slightly higher than the close from the previous session. But again, Nvidia has its own issues with the recent shakeup in the AI race with the exposed lack of need for higher end chips. I think ultimately this goes away, but right now we’re in the process of the market trying to find its own footing. As things stand right now, though, it doesn’t look particularly strong. We need a nice, impulsive, positive candlestick. And it looks like we’re just going to dance around the 200-day EMA here. I would be very cautious with this one.

TSLA Technical Analysis

Tesla, it looks like it’s going to open up a little bit lower, but really nothing of note, as we continue to find support right around the 50-day EMA. I would be very cautious about jumping into this market with massive positions, but it certainly looks like this is an area that’s being defended quite nicely. It’s in an uptrend, it’s had a nice pullback to the 38.2% Fibonacci retracement level and the 50-day EMA, and now we’re just seeing whether or not it can find its footing. Ultimately, the volume looks about average, it’s nothing particularly interesting here, so I think we may just be heading into consolidation.