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Just a year ago, we bet on three tech stocks for 2023 in this section and titled it “Los Reyes brings us Amazon, Apple and Tesla.”
Well, the three titles closed out 2023 Increases of 80.89%, 49% and 101.7% respectively. In the same period Capricorn gained 22.76%; He Euro Stoxx 50 excluding dividends (SX5E) rose by 19.19% and in Wall StreetHeNasdaq 100 appreciated by 53.80% and the S&P 500and 24.23%.
Despite the declines at the beginning of the year, everything is still going well
Well, the three titles closed out 2023 Increases of 80.89%, 49% and 101.7% respectively. In the same period Capricorn gained 22.76%; He Euro Stoxx 50 excluding dividends (SX5E) rose by 19.19% and in Wall StreetHeNasdaq 100 appreciated by 53.80% and the S&P 500and 24.23%.
Despite the slumps at the beginning of the year, everything is still fine on the stock markets, There is no deterioration in the underlying bullish structures of the indices. The declines are just a drop in the huge sea of upwards in recent months.
Back to TeslaIt turns out that there is strong resistance near $275: the impeccable bearish guideline with four impeccable touchpoints connecting each and every one of the consecutive falling highs from its November 2021 all-time high at $414.50 .
And then there is the strong resistance at $300, the 2023 high. A possible weekly close above the bearish guideline would be a warning to sailors that something is changing in value. And above $300, the uptrend would be confirmed, a prelude to what will likely end up being the start of a new one rally towards their all-time highs.
Speaking of which Amazon, the value closed 2023 and confirmed in monthly candles above the resistance at $146, the highs of August 2022 and September 2023, bringing a broad, inverted head and shoulders profile of bullish implications. If this formation is fulfilled, the value should be well above its all-time high ($188.65) in July 2021. The largest semiconductor manufacturer in the world, Taiwan Semiconductor (TSMC)what chips are for Apple, Nvidia and Qualcomm, among many others, could become very interesting if it manages to confirm weekly candles above $110 in the coming weeks. In this case, it would not find significant resistance until its all-time high of $145.
Ferrari It is another one of those companies that is clearly bullish in the medium and long term and is reducing some of the recent excesses. The titles of the legendary Italian sports car manufacturer have an extremely interesting support at around 290 euros: this is where the flawless upward trend is running, which combines all successive rising lows since June 2022. It is a dynamically growing support.
The falls of Gilead Sciences in 2023 fit perfectly into the norm relapse to the collarbone (support zone that previously acted as resistance) of a large medium and long-term double bottom. If we believe the number with bullish implications, it suggests at least the vicinity of $110.
On his part Amgen started the year breaking its all-time highs. There is key support in the $285 area. And as an upside target, the upper part of the very long-term uptrend channel through which it has moved over the last decade, which is currently passing through around $350.
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