Why AMD, Square, Visa, MasterCard, Facebook, May Fall
MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN SHARES OF NFLX, V, MA
It was a pretty uneventful day for stocks, with the S&P 500 fractionally lower. The trends we have focused on the last few days have not changed much. Amazon is still trending lower, while Netflix continues to consolidate.
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AMD still has me fascinated, because the stock is holding itself together. But it is clear to me; there is trouble brewing. The stock has now failed two times to retake the uptrend. Additionally, it is now clear there is a level of resistance at $32.30. It is also clear a downtrend has formed. Next week will be crucial. I still think this stock is going to $29.50 and then even lower. We’ll see.
Square continues to go lower too. I noted yesterday the downtrend seems firm, and the stock is likely to go $82.50. Then the stock will need to be re-evaluated.
Look at the beautiful uptrend in Visa. It looks perfect. It is getting to that point, where it probably pulls back soon, maybe a decline to $145.
MasterCard looks nearly the same as Visa, and it too looks set to pull back some, perhaps to around $ 210-ish.
Facebook failed yet again at $166. Not a good sign for Facebook.
That is enough for a Friday. Plenty more to come.
Michael Kramer is the Founder of Mott Capital and the creator of Reading the Markets.
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