head of technical analysis Ari Wald agrees with Jefferies' bullish take on the web stocks.Trading Nation
" on Monday. "One, the industry continues to trend higher. Point two, it's really broadly strong, it goes beyond those three big cap names — it's midcaps, it's small caps as well. And point three is that it's been able to outperform in recent years, really even over the last decade regardless of the direction of interest rates.", which holds stocks such as Facebook and Twitter, fell 1% on Monday.
"The stock has corrected into the bullish slope of its 200-day [moving] average, which we define as a near-term opportunity to buy long-term strength," he said. "We think that long-term uptrend continues. In terms of levels, as long as $235 support is upheld, we expect a new high above $316 resistance.
"Amazon was good last year but most of that performance came into the first half of the year and it's been consolidating in the second half of 2020," he said in the same interview. "The wide moat they have in infrastructure and technology is just expanding. All the trends there are in their favor — work from home, nesting, e-commerce taking share. We really like Amazon here and continue to think that will perform well this year.".
Snap bucked the tech downturn on Monday, rising fractionally to $54.55. The stock has surged nearly 600% since March.
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