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Tech stocks currently out of favor? Where is the major support levels for some of Nasdaq biggest listed tech stocks?

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Category: Nasdaq, Microsoft, Netflix and Amazon
Date: 24 July 2020
Stock price of Amazon: $2986.55
Stock price of Netflix: $477.58
​Stock price of Microsoft: $202.54
With tech stocks beginning to fall out of favour with investors and the Nasdaq recently underperforming against the Dow Jones and S&P 500 we take a look at where the major support and resistance levels are for some of the biggest tech stocks listed on the Nasdaq. We take a look at Netflix (NFLX), Amazon (AMZN) and Microsoft (MSFT)
Apple 4th quarter 2019 earnings report
  • ​Where is Microsoft stock heading
  • Amazon stock price support
We believe that tech stocks are overvalued and it is in a large part driven by the Covid-19 pandemic and the expectation that there is increased demand for tech stocks related services. "

More About Netflix (NFLX)

Netflix, Inc. (“Netflix”, “the Company”, “we”, or “us”) is the world’s leading subscription streaming entertainment service with over 182 million paid streaming memberships in over 190 countries enjoying TV series, documentaries and feature films across a wide variety of genres and languages. Members can watch as much as they want, anytime, anywhere, on any internet-connected screen. Members can play, pause and resume watching, all without commercials.

​Additionally, over two million members in the United States ("U.S.") subscribe to our legacy DVD-by-mail service. We are a pioneer in the delivery of streaming entertainment, launching our streaming service in 2007. Since this launch, we have developed an ecosystem for internet-connected screens and have added increasing amounts of content that enable consumers to enjoy entertainment directly on their internet-connected screens. As a result of these efforts, we have experienced growing consumer acceptance of, and interest in, the delivery of streaming entertainment. Our core strategy is to grow our streaming membership business globally within the parameters of our operating margin target. We are continuously improving our members' experience by expanding our streaming content with a focus on a programming mix of content that delights our members and attracts new members. In addition, we are continuously enhancing our user interface and extending our streaming service to more internet-connected screens. Our members can download a selection of titles for offline viewing.

Support and resistance levels for Netflix (NFLX) stock

Below a summary of the resistance levels, pivot point and the different support levels:
  • Resistance 3: $554.38
  • Resistance 2: $514.19
  • Resistance 1: $484.62
  • Pivot Point: $444.43
  • Support 1: $414.86
  • Support 2:  $374.67
  • Support 3:  $345.10

So should the stock of  Netflix hit $484.62 it might struggle to get past that level and if it does its next resistance levels will be at 514.19. However should the stock of Netflix decline and get to the pivot value of $444.43 and drop below it it will most likely find support at $414.86 and if it falls below that the next support line level is at $373.67
Netflix (NFLX) stock support and resistance levels
Netflix (NFLX) stock support and resistance levels

More About Amazon (AMZN)

Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Fire tablets, Fire TV, Amazon Echo, and Alexa are some of the products and services pioneered by Amazon.

Support and resistance levels for Amazon (AMZN) stock

​Below a summary of the resistance levels, pivot point and the different support levels:
  • Resistance 3: $3249.71
  • Resistance 2: $3022.85
  • Resistance 1: $2890.84
  • Pivot Point: $2666.98
  • Support 1: $2531.97
  • Support 2:  $2305.11
  • Support 3:  $2173.10

So should the stock of Amazon hits $2890.84 it might struggle to get past that level and if it does its next resistance levels will be at $3022.85. However should the stock of Amazon t decline and get to the pivot value of $2666.98 and drop below it it will most likely find support at $2531.97 and if it falls below that the next support line level is at $2305.11
Amazon (AMZN) stock support and resistance levels
Amazon (AMZN) stock support and resistance levels

More About Microsoft (MSFT)

​​Microsoft is a technology company whose mission is to empower every person and every organization on the planet to achieve more. We strive to create local opportunity, growth, and impact in every country around the world. Our platforms and tools help drive small business productivity, large business competitiveness, and public-sector efficiency. They also support new startups, improve educational and health outcomes, and empower human ingenuity.
​
We continue to transform our business to lead in the new era of the intelligent cloud and intelligent edge. We bring technology and products together into experiences and solutions that unlock value for our customers. In this next phase of innovation, computing is more powerful and ubiquitous from the cloud to the edge. Artificial intelligence (“AI”) capabilities are rapidly advancing, fueled by data and knowledge of the world. Physical and virtual worlds are coming together with the Internet of Things (“IoT”) and mixed reality to create richer experiences that understand the context surrounding people, the things they use, the places they go, and their activities and relationships. A person’s experience with technology spans a multitude of devices and has become increasingly more natural and multi-sensory with voice, ink, and gaze interactions.

Support and resistance levels for Microsoft (MSFT) stock

Below a summary of the resistance levels, pivot point and the different support levels:
  • Resistance 3: $234.54
  • Resistance 2: $219.47
  • Resistance 1: $211.49
  • Pivot Point: $196.42
  • Support 1: $188.44
  • Support 2:  $173.37
  • Support 3:  $165.39

So should the stock of  Microsoft hit $211.9 it might struggle to get past that level and if it does its next resistance levels will be at $219.47. However should the stock of Microsoft decline and get to the pivot value of $196.42, and drop below it it will most likely find support at $188.44 and if it falls below that the next support line level is at $173.37
Microsoft (MSFT) stock support and resistance levels
Microsoft (MSFT) stock support and resistance levels
We believe that tech stocks are overvalued and it is in a large part driven by the Covid-19 pandemic and the expectation that there is increased demand for tech stocks related services. We believe the support and resistance levels for Microsoft, Netflix and Microsoft provides a good indication to investors as to where these stocks could find support should they decline and where they might struggle to get past a particular price.

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Related Topics

  • ​Where is Microsoft stock heading
  • Amazon stock price support​

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