FAANG Stocks Overview for Oct 16, 2020


FAANG Stocks Technical Analysis Market Overview Report for Oct 16, 2020 | by Techniquant Editorial Team

Highlights

AAPL dominated by bears dragging the market lower throughout the day
AMZN finds support at 50-day moving average
NFLX breaks below key technical support level
FB closes lower for the 3rd day in a row
GOOGL pops to highest close since September 4th

Summary

With four out of the five FAANG Stocks closing lower today, the ones that stand out on the negative side are NFLX losing -2.06% and AMZN closing -1.98% lower. On the flipside the best performer has been GOOGL closing 0.79% higher.

One of today's most interesting market conditions in the FAANG Stocks showed up in AMZN: Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Lower Closes" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Amazon. com. Out of 143 times, AMZN closed higher 57.34% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 62.94% with an average market move of 2.33%. Read more

FAANG Stocks Overviews

AAPL 119.02 -1.69 (-1.40%) Moving lower for the 2nd day in a row, AAPL ended the week 1.75% higher at 119.02 after losing $1.69 (-1.4%) today, notably underperforming the Nasdaq 100 (-0.39%). The bears were in full control today, moving the market lower throughout the whole session. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Read more
AMZN 3,272.71 -65.94 (-1.98%) Moving lower for the 3rd day in a row, AMZN ended the week -0.42% lower at 3272.71 after losing $65.94 (-1.98%) today, strongly underperforming the Nasdaq 100 (-0.39%). Closing below Thursday's low at 3280.00, Amazon. com confirmed its breakout through the previous session low after trading up to $120.00 below it intraday. Read more
NFLX 530.79 -11.15 (-2.06%) NFLX finished the week -1.6% lower at 530.79 after losing $11.15 (-2.06%) today, notably underperforming the Nasdaq 100 (-0.39%). The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 535.10, the stock confirmed its breakout through the prior session low after trading up to $5.07 below it intraday. Read more
FB 265.93 -0.79 (-0.30%) Moving lower for the 3rd day in a row, FB finished the week 0.56% higher at 265.93 after edging lower $0.79 (-0.3%) today, but still slightly outperforming the Nasdaq 100 (-0.39%). Trading $3.99 higher after the open, Facebook was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on October 6th, FB lost -0.21% on the following trading day. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range. Read more
GOOGL 1,567.70 12.23 (0.79%) GOOGL ended the week 3.79% higher at 1567.70 after gaining $12.23 (0.79%) today, notably outperforming the Nasdaq 100 (-0.39%). Today's close at 1567.70 marks the highest recorded closing price since September 4th. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Read more

Detailed Reports

Daily technical analysis candlestick chart for Netflix Inc. (NFLX) as at Nov 27, 2020
Nov 27, 2020
Daily technical analysis candlestick chart for Alphabet Inc. (GOOGL) as at Nov 27, 2020
Nov 27, 2020
Daily technical analysis candlestick chart for Facebook Inc. (FB) as at Nov 27, 2020
Nov 27, 2020
Daily technical analysis candlestick chart for Apple Inc. (AAPL) as at Nov 27, 2020
Nov 27, 2020
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