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TheStreet Open House

4 Huge Tech Stocks to Trade (or Not)

Zynga

Nearest Resistance: $5.50

Nearest Support: $4

Catalyst: Q1 Earnings

Facebook's "little buddy," Zynga (ZNGA), is down 3.6% on big volume this afternoon, shoved lower by its own earnings call. Zynga lost 1 cent per share for the quarter, a number that met Wall Street's expectations. But the firm didn't impress with forward guidance, which it expects to come in at a narrow profit for the full year. Zynga founder Mark Pincus also announced that he would no longer be involved in day-to-day operations at the firm.

The earnings reaction isn't exactly inspiring today, but frankly, the chart could look a lot worse. ZNGA has been in a textbook uptrend since last fall, and that makes a pullback a good opportunity to get in with a buy. Support at $4 is an optimal entry point.

Apple

Nearest Resistance: $570

Nearest Support: $540

Catalyst: Q2 Earnings

Apple (AAPL) is another name that's getting big attention following earnings. For its fiscal second quarter, Apple earned $11.62 per share, a number that beat the average analyst estimate by $1.44. Strong iPhone sales made up for weakness in iPads for the quarter, helping the firm deliver more than $13.5 billion in operating cash flow last quarter in the process. Apple also announced an aggressive plan to return capital to shareholders to the tune of $130 billion by the end of next year.

Technically speaking, AAPL's 8% gap up today is an important breakout. Shares had been basing in an inverse head and shoulders setup for the last few months, but today's move has Apple testing 52-week highs again. Once AAPL can catch a bid above $570, shares should have considerable room to move higher.

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