Skip to content Skip to footer

Tech Stocks to Watch this Week

A week removed from being hacked on Twitter, this week will see Elon Musk and Bill Gates once again headlining the news cycles, but for different reasons. 

This week, markets anticipate the release of second quarter earnings from Tesla and Microsoft. As well as Twitter, where the accounts of the above founders were the target of hackers.

Since experiencing huge falls in March, U.S. indices (led by tech stocks)  have recovered close to pre-pandemic highs, in some cases surpassing them.

So with earnings out this week, will tech rallies continue, or will recent highs turn into lows?

This week’s stocks to watch

To the surprise of many, the NASDAQ has not only recovered from the lows in March, it has also surpassed pre-pandemic highs.

Here are the stocks to watch this week that could influence how the pendulum continues to swing.

1. Tesla

Earnings out – Wednesday 22nd July
Tesla has been the “bull of the year” in 2020 so far not many would argue. The Elon Musk led company has seen its share price gain close to over 200%. However as we are set to peak under the hood for its Q2 numbers, the question many are asking is, is it currently overpriced? In May, with prices at $710, Musk tweeted the below.

Prices since then have doubled, and now sit at $1,500. If Musks’ tweet was foreshadowing this week’s earnings release, could the Q2 performance see some recent bulls turn into bears?

As seen on the chart, the RSI shows that although the markets have gained quite significantly in the last 4 months, the markets are still not overbought, relative to previous volumes on the indicator.

2. Microsoft

Earnings out – Wednesday 22nd July
Although Bill Gates is no longer at the helm at Microsoft, the company he founded has so far performed strongly during the COVID-19 pandemic.

Prior to the pandemic, the record high price of a share in the tech giant was roughly $191 in early February. However as the coronavirus outbreak began, and global cases started to rise, the share price fell to $132.50. The markets now trade at $206, after reaching a record high of $216 last week.

So what next?

Barclays and Jefferies believe this could be heading to as high as $234.

Similar to Tesla, the RSI indicator still suggests more upside still exists, however will the markets consolidate first before a new rally?

Eliman Dambell

Senior Market Analyst
edambell@tvmarkets.com

Tradeview Ltd. is not a portfolio manager or an investment advisor. This Market Report is for informational purposes only. Any statements made or opinions voiced in this Market Report do not constitute investment advice. The Tradeview Ltd. Market Report does not constitute a solicitation to buy or sell in the financial markets. Although the information contained in the Market Report comes from trusted sources, Tradeview Ltd. is not responsible for guaranteeing the accuracy, timeliness, completeness, or fitness of such sources. Tradeview Ltd. shall not be responsible for and disclaims all liability for any losses which may be suffered from access and use of the contents of the Tradeview Ltd. Market Report. Trading any financial instrument on margin, using leverage or otherwise involves considerable risk. Therefore, before deciding to participate in any style of trading, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consulting with your investment counselor, attorney, accountant or other professional upon whom you rely for guidance as to the appropriateness of an investment in any style of trading is recommended.

Tradeview Ltd.

Is licensed to carry on securities investment business and is regulated by the Cayman Islands Monetary Authority (CIMA) as a full securities broker-dealer. Tradeview conducts business pursuant to the Cayman Islands Securities Investment Business Law (SIBL) and its activities fall under the direct supervision of the Investments and Securities Division of CIMA.
Headquarters: 5th Floor Anderson Square, 64 Shedden Road, Georgetown, Grand Cayman, Cayman Islands KY1-1002, BWI.
Website: www.tradeviewforex.com

Tradeview Asia Ltd.

Is licensed and regulated by the Labuan Financial Services Authority (FSA) as a Money Broker, registration number LL15870 licensed to facilitate transactions in foreign exchange pursuant to Labuan Financial Services and Securities Act 2010, the Labuan Companies Act 1990 and the Labuan Business Activity Tax Act 1990.
Headquarters: International Business Financial Centre at Office 5, Jamie Business Center I, Unit F10, First Floor, Paragon Labuan, Jalan Mustapha, 87000 Labuan F.T.
Website: www.tvmgloballtd.com

Tradeview Europe Ltd.

Is licensed as a Category 2 Investment Service Company and is regulated by the Malta Financial Services Authority (MFSA). The Malta Financial Services Authority (MFSA) is the single regulator for financial services in Malta. MFSA is a fully autonomous public institution and reports to Parliament on an annual basis. The MFSA is a member of the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and the International Organization of Securities Commissions (IOSCO) and is a signatory of the Multilateral Memorandum of Understanding with other European regulatory Institutions. Tradeview is authorized to provide financial services across multiple asset classes and is passported in the EU/EEA under MiFID II (EU Markets in Financial Instruments Directive).
Headquarters: 157 Archbishops Street, Valletta VLT Malta 1440.
Website: www.tradeview.eu

Tradeview Financial Markets S.A.C Global

Is authorized to conduct business pursuant to and in compliance with the General Law of Companies (LGS) promulgated by the government of Peru. Tradeview Financial Markets S.A.C is registered with the National Superintendence of Public Registries (SUNARP), company number 13089531. Tradeview Financial Markets S.A.C provides financial services in selected OTC derivative markets in compliance with all applicable government regulations.
Headquarters: Los Mirtos 239 Urb. San Eugenio, Lince, Lima, Perú.
Website: www.tradeviewlatam.com