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Apple is beginning to recover from the sharp sell-off among tech stocks earlier this month. It is now looking to form the right side of a flat base with a 156.75 buy point. Apple rose 0.5% to 146.35 in Friday stock market trading, up nearly 3% for the week. But shares have yet to retake the 50-day line, which is a key hurdle.
Fellow tech giant Facebook continues its rebound from its 50-day moving average. Shares rose 1.1% to 155.09, close to its all-time intraday high of 155.59 set June 9 before big techs’ reversal that day. Volume has been declining as Facebook has been trending higher, which is not a great sign,
Amazon, a member of Leaderboard, has been trading in a tight range back around the 1,000 price level over the past few sessions, rising 0.2% to 1,003.74 on Friday. Shares are now extended from the add-on opportunity presented when the stock rebounded higher from the 50-day line.
Grubhub — which has been rising on news that it may be Amazon’s next takeover target after the e-commerce giant announced an agreement to buy Whole Foods (WFM) — is trading in buy range. Shares first cleared the 46.94 entry on Wednesday, dipped below on Thursday and rebounded 3% to 47.70 on Friday. Grubhub is also on IBD’s Leaderboard.
Dave & Buster’s
Dave & Buster’s is rebounding higher after testing support at its 50-day moving average. It’s only the first time the stock has touched the line since becoming extended from a buy point initially cleared in February, meaning it’s an additional chance to buy. But volume on the rebound hasn’t been very heavy, which is a red flag.