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Sept 26, 2024

Stocks

Amazon vs Tesla Price Analysis

Global markets soared on Thursday after reports surfaced that China plans to inject billions of dollars into its economy, specifically targeting state-owned banks. This move is expected to help strengthen the Chinese financial sector and counter the country's economic slowdown. The news caused futures for the S&P 500 and Dow Jones to rise, with the S&P gaining 0.8% and the Dow increasing by 0.4% in pre-market trading. Chinese markets responded strongly, with the Hang Seng in Hong Kong jumping 4.2%, and the Shanghai Composite gaining 3.6%. Asian markets followed suit, with Japan's Nikkei 225 up 2.8% and South Korea's Kospi rising 2.9%, partly fueled by optimism in the tech sector as semiconductor company SK Hynix announced new AI-related products. European markets also saw gains, with Germany's DAX and France’s CAC 40 both climbing over 1%. Meanwhile, U.S. oil prices dropped for the second day in a row, dipping below $70 a barrel amid reports that Saudi Arabia may increase oil production, signaling a shift in its pricing strategy. In contrast, Amazon and Tesla share prices appear to have reached a crucial turning point.

AMAZON – D1 Timeframe

AMAZONDaily.png

Amazon on the Daily timeframe is currently trading away from the supply zone at the 88% of the Fibonacci retracement, with the trendline resistance serving as a crucial confluence in favor of sustained bearish momentum. My expectation here is that price would aim for the Fair Value Gap (FVG) at the $182 price point.

Analyst’s Expectations: 

Direction: Bearish

Target: 182.58

Invalidation: 200.45

TESLA – D1 Timeframe

TESLADaily.png

The current price action on the daily timeframe of Tesla shares shows price trading away from the 88% of the Fibonacci retracement tool. The rejection enjoys further confluence from the trendline resistance and seems to be heading towards the $230 price region as its initial profit target.

Analyst’s Expectations: 

Direction: Bearish

Target: 236.86

Invalidation: 271.14

CONCLUSION

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Adetola-Freeman Ogunkunle

Author: Adetola-Freeman Ogunkunle

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