Big-cap tech stocks continue to lead the market, with the NASDAQ expected to maintain its first-place status despite corrections. The leadership within this category has shifted, with former leading stocks now overextended. However, there are two stocks that are expected to perform well in the upcoming summer rally. Tesla is one of these stocks, with the recent rally breaking through a weekly downtrend line and indicating a potential breakout from a 2-year triangle. The company’s monthly cycles predict an extension of the price uptrend, with a short-term target of $260 and a next objective of $290.
Another big-cap tech stock gaining momentum is META, which has recently hit a new high without being overbought on a weekly basis. The stock is breaking out to a new high, supported by momentum on both weekly and monthly charts. The daily chart shows a breakout on Friday, with higher lows in momentum and a jump in relative strength, indicating a $625 objective. The weekly cycle also signals an upturn in price, while the monthly cycle suggests a potential correction in September-October but no major high until Q1 of 2025.
Both Tesla and META are expected to excel in the upcoming summer rally, with strong momentum and potential for further price increases. These big-cap tech stocks have been performing well, with new highs and breakout patterns indicating positive trends in the market. Investors may want to consider adding these stocks to their portfolios to take advantage of their potential for growth and outperformance in the current market environment. As the NASDAQ continues to lead the market, these stocks could be solid picks for investors looking to capitalize on the upcoming rally and maximize their returns.
