Most of the major stocks collapsed after the coronavirus spread worldwide and paralyzed whole countries. U.S. futures fluctuated, enduring significant losses. Other stocks haven’t fared better. However, it seems, the market is preparing for a rebound, attempting a rally. Experts watch Amazon, Microsoft, Domino’s Pizza, and Adobe, as those companies prove to be on the recovery path. They are still on the Leaderboard Watch List.
While Tesla, Nvidia, and ServiceNow have recently fallen off IBD Leaderboard, Microsoft, Adobe, Amazon, and Domino are trying to show resistance in the face of the coronavirus crash.
How are these futures faring presently?
The Amazon stock holds its 40-week moving average, trying to retake its 10-week line. The weekly chart shows that the company’s RS line is rising sharply. According to MarketSmith’s longer-term monthly chart, Amazon stock is still near its all-time high despite the coronavirus pandemic.
Microsoft, on the other hand, has taken more severe hit than several other stocks on IBD Leaderboard Watch List. Even so, the company’s earnings growth has been impressive, ranging from 20% to 37% during the last four quarters. Microsoft has shown 14% sales growth in both of the previous two quarters.
Domino’s Pizza stock found support at its 10-week moving average. After that, the relative strength line for Domino’s stock has soared into the new-high ground. While the experts don’t recommend buying these stocks right now, it will be a good catch after the coronavirus stock market sell-off subside, and a new bull market began.
The coronavirus stock market crash has hit Adobe stock along with the other futures. However, its RS line has continued to climb so far. Presently Adobe is trying to establish as a bottom and retake its 40-week line.
Analysts noted that it would take time for Adobe, as well as all other leading stocks, to repair the recent technical damage. However, heavy institutional demand for Adobe stock by the best mutual funds could mean more gains for the company in the future.
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