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Amazon Leads 4Q Momentum Race, With Facebook Close Behind

Results are in for the fourth quarter momentum race. The three leaders are Amazon.com (AMZNGet Report) , Facebook (FBGet Report) and Alphabet (GOOGLGet Report) , which set all-time highs on Thursday. Close behind are Netflix (NFLXGet Report) and Apple (APPL) with Tesla (TSLA) motoring in the rear.

Here’s the daily chart profiles and key levels that can help investors handicap the momentum race around the fourth-quarter pole.

We start with the daily chart for Apple.


Courtesy of MetaStock Xenith

Apple closed at $120.92 on Thursday, up 9.6% so far in the fourth quarter and up 9.6% year to date. Despite solid gains the stock is in correction territory 10.1% below its all-time high of $134.54 set on April 28. The stock spent two days above its 200-day simple moving average but Thursday’s close was below this average of $121.95.

The horizontal lines are the Fibonacci retracements of the decline from the all-time high of $134.54 set on April 28 to the flash crash low of $92.00 set on Aug. 24, dubbed “Black Monday” in China. On the rebound, shares traded around its 38.2% retracement of $108.24, then picked up momentum going into October. The stock is above its 50% retracement of $113.27 and its 61.8% retracement of $118.31.

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Investors looking to buy Apple should place a good till canceled limit order to purchase the stock if it drops to $113.46, which is a key level on technical charts until the end of November.

Investors looking to reduce holdings should place a good till canceled limit order to sell the stock if it rises to $131.03, which is a key level on technical charts until the end of 2015.

Here’s the daily chart for Alphabet.


Courtesy of MetaStock Xenith

Alphabet had a close of $760.67 on Thursday, up 19.2% so far in the fourth quarter and up 43.3% year to date. Helping propel the stock to its all-time high of $766.35 set on Thursday was a “golden cross” confirmed on June 25 when the 50-day simple moving average crossed above its 200-day simple moving average when the stock closed at $557.95. The stock is currently well above the 50-day and 200-day simple moving averages of $676.12 and $599.69, respectively.

Investors looking to buy Alphabet should place a good till canceled limit order to purchase the stock if it drops to $715.82, which is a key level on technical charts until the end of 2015.

Investors looking to reduce holdings should place a sell stop given a close below a key level of $744.91 which is in play until the end of 2015.

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Amazon Leads 4Q Momentum Race, With Facebook Close Behind Reviewed by on . Reddit Email Print Reprint Results are in for the fourth quarter momentum race. The three leaders are Amazon.com (AMZN - Get Report) , Facebook (FB - Get Report Reddit Email Print Reprint Results are in for the fourth quarter momentum race. The three leaders are Amazon.com (AMZN - Get Report) , Facebook (FB - Get Report Rating:
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