TSLA, AMZN and GOOGL Forecasts – Major Stocks Look to Move Higher in Premarket

TSLA Technical Analysis

Tesla rallied pretty significantly during the Monday session and now on Tuesday it looks like we are going to gap higher in the opening move and therefore I think we may have seen the worst of the selling in Tesla. The market did pull back to the 38.2% Fibonacci retracement level only to bounce previously and the size of the candlestick on Monday was rather impressive, which was preceded by a hammer, so it all ties together for buyers coming in to try to pick up Tesla.

AMZN Technical Analysis

Amazon is slightly higher in pre-market trading, but it’s probably worth noting that Amazon is still basically at the bottom of a consolidation range. It really hasn’t taken the brunt of the selling pressure like some other stocks may have. You could make an argument for $215 being an area that you have to watch, due to the previous swing high, the 50-day EMA, and the fact that it has, at least so far, offered a little bit of support, maybe based on market memory, who knows?

But at this point in time, it does look like it’s going to jump a little bit at the open, not much, but then again, it didn’t sell off like some of the other big names that we follow here. The uptrend is still very much intact when it comes to Amazon.

GOOGL Technical Analysis

And finally, Alphabet, or Google, has a pretty flat open, just a few cents higher than the Monday session, but the Monday session was a perfect hammer off of a support level, and it looks like it’s trying to recover here and bounce back towards the top of the range, which I’m going to, for a lack of anything better to use, call $200. And that gives us an opportunity to see this market rise, build up pressure, and then perhaps eventually take off.

With the growth situation in the United States, it does make a certain amount of sense that we will continue to see the big stocks get bigger, although interest rates have been a bit of a concern. But at the end of the day, profits will make up for all of these fears.