Between Jan, 28 and Feb 5 NASDAQ 100 gains almost 681 points which is 5% of the market. Also NYSE plays an important role in the market and adds 404 points in the index. Now is trading on 15054.23 and investors are hoping for a bull run which will lead all the international market to another level and index would make higher highs.
If we look at NASDAQ technically so the RSI is trading 60 and a gap has been opened in the last candle so we can see a little bit correction in NASDAQ or maybe scrips can take pressure. But overall scenario is good to go and all sentiments are bull so don’t need to worry and don’t need to sell your holdings in panic.
Individual stock performance and forecast
In the first week of Feb hopes were high towards APPLE (xAAPL) but Apple plays against the hopes and loses 4.47 points. If we analyse APPLE on a 1Day candle Apple is playing finest role in the market, moving in an upward channel called rising wedge and it’s a long term channel. The first candle of this channel was formed on 10 Dec, the low of the channel was 119 and high was 143. Now we are expecting for 148 or 150 in the upcoming couple of weeks.
On the other hand AMAZON (xAMZN) stoles the show and 180 points which is almost 6% in just 1 week which is really an outstanding performance. Still we are hoping for new highs in AMAZON so please keep watching AMAZON.
If we talk about GOOGLE (xGOOG) so Google is the top gainer for this week but it was totally unexpected because there were no sign for this bull run but high demand and low supply make the dream true and Google gains more than 220 points this week and now is trading on 2092.
Other stocks like xBABA, xTSLA, xFB, xNKE, xBAC have also performed well and now we are expecting more from the market because corona situation is under control. Now every company is going to retain the self and try to come back in the market with full source.
There is no negative news or rumors against the economy. International markets are going fine commodities like GOLD and OIL adding points and so on.
Forecast for upcoming weeks and our priority stocks
Our top picks for upcoming week are:
These stocks are moving in a uptrend channel and we can expect a good return from them. We will give you time to time call for these 3 stocks for this week. Our main focus would be these 3 stocks in the upcoming week.
