Intel, on the other hand, has been gaining momentum with its focus on new technologies like artificial intelligence and autonomous driving. Finally, Amazon continues to be a strong performer in the e-commerce sector, with its stock chart reflecting its dominance in the market.
As investors navigate through the ups and downs of the stock market, keeping an eye on these three stocks could provide valuable insights into the current trends and potential opportunities for growth.
Recent developments in the stock market have brought three major tech companies - Meta Platforms, Intel, and Amazon - to crucial points on their technical charts, challenging some conventional trading theories, according to Jessica Inskip, director of investor research at StockBrokers.com.
Meta Platforms Facing Challenges
Meta Platforms experienced a 2.8% decline on Tuesday, ending its 20-session winning streak. Inskip noted that although Meta is still in a generally bullish trading cycle, it has reached the upper end of the expected range following its recent surge. According to Inskip, a pullback is expected with support likely to be found around the 13-week moving average.
Intel's Remarkable Turnaround
Intel, on the other hand, saw a significant 16% increase in its stock value driven by reports suggesting a potential breakup and sale to competitors. This surge marks a positive shift for the stock, which had previously experienced a 60% drop in 2024.
Amazon's Support Levels in Focus
Amazon, however, faced a 0.9% decline on Tuesday, causing the stock to underperform the S&P 500 so far this year. Despite the dip, Inskip emphasized that Amazon's chart still displays positive signs, but close attention is required as the stock approaches a critical support level.
