Last week, the US stock market saw a surge in several companies, with their shares soaring to new heights. This article delves into the technical analysis of the best performing US stocks from the previous week, providing insights into their potential future movements.
Apple Inc. (AAPL)
Apple Inc. (AAPL) topped the list of best performing US stocks last week. The tech giant's shares surged by 5.2%, driven by strong earnings reports and positive investor sentiment. Technical analysis indicates that the stock is currently in an uptrend, with a strong support level at $150. The Relative Strength Index (RSI) is above 70, suggesting that the stock is overbought but still has room for growth. Moving averages are also bullish, with the 50-day and 200-day moving averages trending upwards.
Tesla Inc. (TSLA)
Tesla Inc. (TSLA) followed closely behind Apple, with its shares rising by 4.8%. The electric vehicle manufacturer's strong sales figures and expansion plans contributed to the stock's surge. Technical indicators show that TSLA is in a strong uptrend, with the RSI above 70 and the stock trading above its 50-day and 200-day moving averages. Bullish chart patterns, such as the ascending triangle, suggest that the stock could continue to rise in the near future.
Microsoft Corporation (MSFT)
Microsoft Corporation (MSFT) rounded out the top three, with its shares increasing by 4.1%. The tech giant's robust earnings report and strong performance in the cloud computing sector propelled the stock higher. Technical analysis reveals that MSFT is currently in a strong uptrend, with the RSI above 70 and the stock trading above its 50-day and 200-day moving averages. The bullish engulfing pattern on the daily chart indicates a potential continuation of the uptrend.
Amazon.com, Inc. (AMZN)
Amazon.com, Inc. (AMZN) also made a strong showing, with its shares rising by 3.9%. The e-commerce giant's expansion into new markets and strong earnings report contributed to the stock's surge. Technical indicators suggest that AMZN is in a strong uptrend, with the RSI above 70 and the stock trading above its 50-day and 200-day moving averages. The head and shoulders pattern on the daily chart indicates a potential continuation of the uptrend.
Conclusion
The best performing US stocks last week showcased strong technical indicators, suggesting a potential continuation of their uptrends. However, it is important to note that technical analysis is just one tool in the investor's toolkit, and it should be used in conjunction with other forms of analysis. As always, investors should conduct their own research and consult with a financial advisor before making any investment decisions.
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