Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Stocks

This Beaten-Down Magnificent Seven Stock is Poised to Regain Its Leadership Status

by February 17, 2024
February 17, 2024
This Beaten-Down Magnificent Seven Stock is Poised to Regain Its Leadership Status

Going into last week, the Magnificent Seven stocks were looking more like the Magnificent Four. Leadership within the group became more concentrated, with Amazon, Meta, Microsoft and Nvidia having done most of the heavy lifting.

This is far different from the first 6 weeks of 2023, when gains among these Mag 7 names was more evenly dispersed — as shown by the orange bars below. The blue bars show the performance for this year and, as you can see, Tesla (TSLA) is far underperforming its peers.

LPL Financial

In fact, TSLA is currently 50% off its highs, with what Musk terms as the company being caught between its recent success and preparing for what will ultimately drive its future growth. Tesla’s sales have slowed down in recent quarters; however, the company is arguably the best positioned to create new products that will potentially entice new customers to the brand.

Daily Chart of Tesla (TSLA)

Tesla’s chart also shows a promising future after posting a double bottom formation over the past two weeks, as well as a move back above its 21-day moving average on Thursday on above-average volume.

Using last May’s downtrend reversal following a weak quarterly earnings report as precedent, I’ve highlighted the key characteristics of the stock’s reversal. Last May, in addition to moving above its shorter-term moving averages, the MACD and RSI turned positive, which pointed to bullish momentum. At this time, Tesla was in the beginning stages of a similar reversal, with the RSI a hair away from turning positive and the MACD already having posted a positive crossover.

The longer-term 50- and 200-day moving averages may present near-term hurdles; however, a close above these MAs would be ideal, as that would give TSLA free reign to trade higher.

Subscribers to my twice-weekly MEM Edge Report were alerted to this year’s 4 biggest winners among the Magnificent Seven, as well as other big winners this year, and I’d love to share those names, as well as my next picks from my Suggested Holdings List. Use the link above to trial this report at a nominal fee.

Warmly,

Mary Ellen McGonagle

MEM Investment Research

0
FacebookTwitterGoogle +Pinterest
previous post
Three Leading Growth Stocks Testing Gap Support
next post
AI security infrastructure needed after ‘malicious’ foreign actors use OpenAI to train operatives, expert says

You may also like

Extreme Reading on McClellan Oscillator for Bonds

November 24, 2022

GNG TV: Equity Markets Hanging on to “Go”...

May 26, 2023

Sector Spotlight: End of Downtrend ≠ New Uptrend

August 16, 2022

Which Top AI Semiconductor Stocks are Positioned for...

January 7, 2025

Five Stocks Showing Strength in a Bearish Tape

March 13, 2025

Intermediate-Term Participation Levels Are Very Overbought, and They...

December 28, 2023

Junk Science; Junk Analysis!

October 27, 2022

Equities Hang on to Weaker “Go” Trend as...

November 4, 2024

Gap’s Stock Defies Gravity: Time To Exploit Its...

November 21, 2023

Classic Short Setup in Tech

February 22, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump admin steps up overhaul of National Security Council, weeks after Waltz’s departure

      May 24, 2025
    • Leadership Development: Unlocking the Inner Leader

      May 24, 2025
    • Satellite images reveal North Korea’s mangled naval destroyer after failed launch

      May 24, 2025
    • 3 Stocks to Watch While Everyone’s Staring at NVIDIA

      May 24, 2025
    • Automate Your Scans with Ease! Sample Scan Library + Scheduled Scans Walkthrough

      May 23, 2025
    • My Durable Advantage as an Investor is My Experience: Here are Seven Examples

      May 23, 2025

    Categories

    • Business (8,037)
    • Investing (1,986)
    • Politics (15,362)
    • Stocks (3,105)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved