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Category: Commentary

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Tesla On A 7-Week High

Tesla started the year with an opening price of $250.43 per share. The year has been bearish for Tesla investors as the share price has continued to fall. The lowest price of Tesla in 2024 is $138.49 which hit on the 22nd of April. That low was last reached on January 23, 2023. The price has rebounded from the low and price is currently at $177.70. The bounce was a result of gap-ups on the 24th and 29th of April.

An inverted head and shoulder might be formed as a result of the price action, with the shoulders at $175.90 and the head at $138.99. News media across the internet stated that Tesla is said to cut off 500 employees in the supercharger team. Another news media says Tesla is about to layoff 10% of its global workforce, as Tesla CEO Elon Musk has announced the dismissal of two senior executives, Rebecca Tinucci and Daniel Ho and more hundreds of employees.

The RSI on the daily chart has shown that price has been oversold thrice this year, January, March and February. This could be an indication of a possible price reversal. We don’t see the layoff as a threat to the price of Tesla. Our analysts are projecting that price could rally to $268.92 in the coming weeks. This will automatically erase the losses of 2024.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get stocks in your portfolio? Schedule a meeting with us here

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Google Rebounds

The share price of Google over the years has been outstanding despite the bearish run in 2023. This year has been a year of recovery. The price at the beginning of 2024 was at $84.01. There was a dip in 2022 and that dip happened after the high of $159.50 in November 2021. All gains in 2021 was lost as result of the bearish run in 2022 and this bearish run found support at $84.01. The bullish takeover started at the beginning of 2023 and the run has continued to 2024.

The opening price of $GOOG in 2024 was $139.53. The bulls have been able to make price rally beyond the 2021 high at $159.50. The first breakout to the upside was in January 24. February recorded a few losses. In March, there was a record of gains as the second breakout to the upside was recorded this month. The breakout has made the price of $GOOG reach a new all-time high at $161.86 which hit on the 12th of April.

After the recent high was reached, the bears temporary took position as price dropped to $154.16. There is a rebound in price as the bulls have regained some of the losses of last week. The earning report of Google will be released on the 25th of April. This might not be favorable to the price of $GOOG as the price might fall to $155 from the current price of $159.92. On the monthly chart, RSI shows price has been overbought in 2021 but yet to be overbought in 2024 despite the new highs.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get stocks in your portfolio? Schedule a meeting with us here

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Gold’s Price Continues To Break New Highs

The year 2024 has been favourable for gold investors as the bulls have been able to push price high beyond the previous high of $2135. In December, the price of Gold made it to a high of $2194. After this high in December, Gold’s price retraced since the high of $2194 was reached.

On the daily chart, the price of gold has been overbought but the bulls have momentum for a continued bullish run. Despite the monthly chart shows that price has been overbought since August 2020, price of XAUUSD continues to rally. The current price of $XAUUSD is at $2284 as the bulls might push price beyond the all-time high of $2287, which will make price hit $2300 psychological level.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get commodities in your portfolio? Schedule a meeting with us here

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Bitcoin Hits New High…Again. Price Surpasses $73,000

As of 19th March 2023, the total number of Bitcoin in circulation was 19,658,256 BTCs, which is 93.61% of the total number of Bitcoins to be supplied.

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009. Crypto investors are looking forward to having the crypto halving. Bitcoin halving is a pivotal event in the Bitcoin network where the reward for mining Bitcoin transactions is cut in half. The event occurs approximately every four years or after 210,000 blocks.

In April 2024 the block reward will be reduced from 6.25 Bitcoin per block to 3.125 Bitcoin per block. The next Bitcoin halving is expected to occur in April 2024, when the number of blocks hits 740,000. The exact date of the halving is not yet known as the time taken to generate new blocks varies, with the network averaging one block every ten minutes.

In 2024, as the Bitcoin halving date fast approaches, the price of Bitcoin has been able to break the previous high of $69,149 in 2020. Bitcoin has maintained a support level at $24,779 since June 2023. The bulls have been able to push price higher to $73,800 which currently stands as the all-time high. The all-time high was reached on 14th March, 2024. The current price of Bitcoin is at $63,200 after price fell from the all-time high. The price of Bitcoin might fall below $50, 000 in the coming weeks as RSI shows price has been overbought on the weekly chart. A Doji candlestick pattern has also been spotted.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get cryptos in your portfolio? Schedule a meeting with us here

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Gold’s Price Reaches An All-Time High

Gold's Price Reaches An All-time High

The commodity price has been increasing for about a decade despite the uncertainties in the financial market. The lowest price of XAUUSD was $1048 in December 2015. The price has rallied to $2141 per ounce in December 2023. Unlike many other asset classes during the lockdown, the price of gold rose to $2074 per ounce in September 2020. The bears took over as price fell to $1622 in September 2022, which stands as the lowest price since April 2020.

At the time price of XAUUSD was at $2074, RSI was at an overbought position. The price of Gold broke out of the previous resistance level to reach $2141, which currently is the all-time high of gold. There was a price retracement in January and February 2024 that made price fall to $1985 before price rallied again above $2000 in the last week of February. As a result of the bullish momentum, the price of gold might break a new all-time high at $2150 in the coming days or weeks.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get commodities in your portfolio? Schedule a meeting with us here

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Nvidia Investors Continue To Smile To The Bank

Nvidia is an American multinational corporation and technology company headquartered in California. It is a software and fabless company which designs graphics processing units (GPUs), application programming interfaces (APIs) for data science and high-performance computing or the mobile computing and automotive market. Nvidia is also a dominant supplier of Artificial Intelligence (AI) hardware and software.

Last week, $NVDA replaced Tesla as Wall Street’s most traded stock, adding to its prominence after becoming the third-most valuable U.S. company and showing more evidence of how central AI-related bets have become to investors. About $30 billion worth of Nvidia shares changed hands daily on average over the past 30 sessions, pulling ahead of Tesla, which averaged $22 billion per day over the same period.

At the beginning of 2024, Nvidia’s opening price was $492.21. Prior to that time, the all-time high of $NVDA was at $505.70. On the 8th of January, a breakout to the upside occurred as price rallied to the current high which is $746.51. The all-time high of $NVDA was reached on the 12th February 2024. Nvidia Investors are smiling to the bank as the stock rose by 50.2%. Nvidia might lose its bullish momentum to the bears as price could fall below $600 in the coming weeks. The stock market could be largely affected.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get stock in your portfolio? Schedule a meeting with us here

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Amazon Price Reaches 2024 High, Jeff Bezos Sells $2billion Worth of Shares

As of February 2024, Amazon has a market cap of $1.751 Trillion. This makes Amazon the world’s 6th most valuable company by market cap. The market capitalization, commonly called market cap, is the total market value of a publicly traded company’s outstanding shares and is commonly used to measure how much a company is worth. This year, $AMZN crossed the borderline of $1.7 Trillion market cap for the first time.

The current price of $AMZN as of the time of this publication is at $168.64. Recently, Jeff Bezos sold roughly $2 billion worth of his Amazon stock according to financial filings. Despite this latest divestment, Bezos retains a significant stake in Amazon, holding approximately 964.2 million shares and representing 9.3% of the company’s outstanding shares. While stepping down as Amazon CEO in July 2021 and handing the reins to Andy Jassy, Bezos remained chairman. He has steadily transitioned his focus towards his space venture, Blue Origin, while gradually reducing his active role in Amazon’s management. 

In the coming weeks, the price of $AMZN could fall to $120 as a result of Jeff’s huge sales of the shares.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get stock in your portfolio? Schedule a meeting with us here

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Walmart Had A Gap-Up, As They Prepare 3 for 1 stock Split

Walmart Inc. is an American multinational retail corporation that operates a chain of hypermarkets (also called supercenters), discount department stores, and grocery stores in the United States. Walmart reached an all-time high at $170 per share on 15 November 2023. After the all-time high, there was a gap down, which made the price of $WMT reach $158.69. The price continued to fall to $149.55 on 11 December 2023, which is currently a support level.

From the support level in December 2023, price rallied to the 2024 high at $167.95. On the 30th of January, Walmart announced that it will conduct a split of its outstanding shares of common stock at a ratio of 3:1. That same day, the price of $WMT closed at $165.64. The opening price the following day was $167.95 which indicated that a gap-up had occurred. The stock split is part of Walmart’s ongoing review of optimal trading and spread levels and its desire for its associates to feel that purchasing shares is easily within reach. We might see the price of $WMT at $150 in the coming weeks.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get stock in your portfolio? Schedule a meeting with us here

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Against All Odds, SPX Hits A New High

S&P 500 was founded 66 years ago. It is traded in 3 exchanges including NYSE and NASDAQ. The S&P 500 is used to track the best 500 traded companies in the United States. The market capitalization of S&P 500 as of December 29, 2023, was $42 trillion. SPX made a historical move from the lockdown low of $2196.55 to the previous high at $4864.61. That was an over 120% increase in a 2-year bullish run.

This month makes it two years the S&P 500 price hit a new high. A breakout to the upside occurred on the 19th of January which has made SPX’s price hit a new high at $4865, the rally has continued as SPX continues to hit new highs as price is currently at $4,891.

The bullish momentum for SPX might be cut short soon as the bears might push price lower to $4133. On the daily chart, RSI has shown the price has been overbought multiple times since November 2023. As a result of the new high in January 2023, the RSI has hit the overbought position.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get stock indicies in your portfolio? Schedule a meeting with us here

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Oil Price: The Attacks On The Red Sea Can Affect Global Oil Trade

The on-going war between Israel and Palestine has gone beyond land borders, as attacks are now carried out on the sea. A lot of shipping companies have temporarily stopped operations in order to reduced losses. Attacks by the Yemen’s Houthi rebels on ships in the area since November have impacted companies and alarmed major powers, in an escalation of Israel’s more than three-month war with Hamas militants in Gaza. The group says it is acting in solidarity with Palestinians.

About 12% of world shipping traffic transits the Suez Canal via the Red Sea. According to reports, vessels supplying liquefied natural gas (LNG) from Qatar are among the many ships forced to sail around Africa via the Cape of Good Hope. This diversion can add about nine days to the normally 18-day trip from Qatar to northwest Europe. The value of the items transported will be increased as a result of the diversion. This could eventually lead to higher inflation if the attacks are not curtailed.

The opening price of WTI Oil price in 2024 was $72.17. On the second trading day of the year, the price of oil fell to $69.33 per barrel making it the lowest price this year. A bounce has occurred as the current price of oil is at $72.87. Since the high in October at $94.78, the price of crude oil has been falling. We might be seeing scarcity of oil in some places across the world. The price of oil could further drop to $68.67 in the coming days but that could just be a precursor to a bounce that will eventually lead to the increase in the price of crude oil in the long run.

Some of these ideas are in our clients’ portfolios. To understand if this one can work for you or for help to invest your own wealth, talk to our advisors at FM Capital Group. Would you like more information on how to get oil in your portfolio? Schedule a meeting with us here.

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