Apple and Facebook Shares Surge on Record-Breaking Earnings Shattering All Expectations.
Apple more than doubles sales since last year
Apple's shares surged 2.98 per cent in the pre-market trading session following yesterday's massively robust earnings report. The company's numbers for Q1 outshined the solid performances of other members of Big Tech and completely shattered the initial market forecasts.
Apple 4H Price Chart. Image source: Trendsharks ©, created with TradingView.com
The company's stock was already finding itself in a renewed bullish trend, following the completion of the recent Pennant. This is a type of pattern that is typically taken to signify upcoming bullish reversals. Moreover, the completion of the Pennant also coincided with the termination of the inherently corrective ABC pattern, which resulted from the preceding 1-5 Elliott Wave Pattern.
Apple's share price is expected to break out above the Flag pattern following today's market open, which would mean that it would be ready to once again test the all-time high resistance level at 144.00.
The company posted sales revenue that has more than doubled since the first quarter of last year, which is why the share price is currently rallying by almost 3.0 per cent in the pre-open hours.
Apple q/q EPS. Image source: TradingEconomics.com
Apple's earnings per share were reported at $1.40, which exceeded the initial estimations for EPS of $0.99.
Facebook's quarterly data blasted all forecasts as well
The other Silicone Valley giant has also had an excellent quarter, posting massive revenue streams for Q1. The company's earnings rose by 48 per cent from a year earlier, causing FB's share price to explode by more than 7 per cent in the pre-open hours.
Facebook 4H Price Chart. Image source: Trendsharks ©, created with TradingView.com
As can be seen on the daily chart above, Facebook's share price has recently broken out above the upper boundary of the Ascending Wedge, which signifies the strong bullish sentiment in the market.
The uptrend was resumed after a minor throwback to the Wedge from above, and the price has broken out above the psychologically significant resistance level at 300.00 since then.
Notice that it is currently consolidating above this major make-it-or-break-it point, which is converging with the 20-day MA (in red). Given the record-breaking earnings data from yesterday, Facebook's rally is more than likely to be extended further into uncharted territory next.
Facebook q/q EPS. Image source: TradingEconomics.com
Facebook posted earnings per share of $3.30 in Q1 vs $2.37, which marks the company's second-best performance in that regard on record.
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