Facebook Inc. (NASDAQ: FB) stocks were the first of the big five tech stocks to reverse amid a seven-week tech crisis. The crash that began in mid-February and continued throughout March saw the Nasdaq 100 retreat 12% from its all-time high on February 16.
Alphabet inc (NASDAQ: GOOG) and Microsoft Corporation However, stocks (NASDAQ: MSFT) caught up with all three stocks hitting new all-time highs on Monday.
Daily chart: The Alphabet, Facebook and Microsoft charts are similar as all three hit new all-time highs this week and appear to be consolidating as a bullish flag on the four-hour chart.
Four-hour charts: On all three charts, the last six candles form a bullish flag, which is a very bullish trading pattern. The last three candles from Tuesday’s session form the descending channel that makes up the flag.
The three candlesticks preceding this Monday trading session form the pole of the bullish flag pattern with their sharp upward action.
Traders and investors can watch for a breakout of the upper line of a downtrend channel for a big move up. However, if stocks continue to consolidate, traders and investors can zoom out on the daily chart to monitor the development of the bullish flag over the coming days.
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Alphabetical table: Alphabet shares hit a new all-time high of $ 2,228 on Monday and are now trading in a bull flag pattern on a four-hour chart. Its last candlestick is an inside bar, which means that the trading range during that candlestick did not rise above or below the previous day’s trading range. An inside bar may indicate an imminent price movement as it indicates that the range is narrowing.
Alphabet has support at $ 2,152.68, its previous all-time high.
Facebook Chart: Facebook shares hit a new all-time high of $ 311.25 on Tuesday and are trading in a bull flag pattern on a four-hour chart. Facebook shares have support at $ 304.67, the previous all-time high.
Microsoft diagram: Microsoft shares such as Alphabet and Facebook hit new all-time highs of $ 248.96 on Monday and are trading in a bull flag pattern on a four-hour chart. The last candlestick on the stock’s four-hour chart, like Alphabet, is an inside bar indicating a narrowing trading range.
Microsoft support is $ 246.13.
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