Apple, Facebook and Netflix Poised to Take Out All-Time Highs

With the trade war between the U.S. and China thawing, investor sentiment swung from jittery to optimistic very quickly. The trade truce pushed U.S. markets higher as the dreaded 25 percent tariff on Chinese goods was put on hold. The surprising decision provided investors some relief and gave equities a much-needed boost. As stocks regain bullish momentum, three Nasdaq names are looking to make headlines. Apple, Facebook, and Netflix are likely to take out all-time highs.

Apple’s Decade-Long Uptrend Remains Strong

Apple (AAPL) has been in a strong uptrend for over 10 years now. That trend was in peril when the equity dropped to as low as $142 in January. However, the tech giant managed to bounce and it’s stock closed the month strong. With the uptrend still intact, Apple now looks to print a fresh all-time high.

A look at the monthly chart shows that the stock is trading within an ascending channel. It is touching the resistance of the channel at $200, which means that a retracement to the midpoint of the channel at $190 is likely.

Nevertheless, AAPL remains bullish as long as it trades within the channel. It could crawl above the midpoint. In addition, it has a good chance of taking out its all-time high of $233.47 within six months.

Facebook Bounces Strong to Recover Its Bullish Tone

Facebook (FB) is also trading in an uptrend channel. However, the social media titan breached the diagonal support of the channel after news of the Cambridge Analytica scandal hit media outlets. The company’s stock tanked as it dropped to $123.02 in December 2018. At that point, the security lost over 43 percent of its value from the all-time high of $218.62.

Facebook chart

Nevertheless, bulls pushed back hard. They managed to recover the diagonal support of the channel in April 2019 when the stock climbed as high as $198.48. More importantly, bulls successfully retested the support last month.

As FB is back trading within the channel, bulls could drive the price of the stock above…

Source Link