Apple, Tesla, and Amazon Are Overbought and Very Risky: Charts
A Tesla car.

Tesla Inc. (TSLA - Get Report) has been the mojo leader so far in 2017, and since its post-election low set on Nov. 14 is up 101.8%, setting its all-time high of $360.50 on Wednesday. Apple Inc. (AAPL - Get Report) set its all-time intraday high of $156.65 on May 15, and since then has been trading around my annual pivot of $151.69, last tested on May 18.

Amazon.com (AMZN - Get Report) , Facebook (FB - Get Report) , Alphabet (GOOGL - Get Report) and Netflix (NFLX - Get Report) set their post-election lows on Nov. 14 and have set all-time intraday highs on June 6. These stocks and Apple are up between 34.7% and to 49.6% from their post-election lows.

All six stocks have positive but overbought weekly charts, and have risky levels at which to reduce holdings on strength.

Here is what the charts are saying. 

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The Momentum Stock Scorecard
The Momentum Stock Scorecard

Tech stocks continue to be on fire.

Apple Inc.
Apple Inc.
Source: MetaStock Xenith

The weekly chart for Apple is positive, but overbought, with the stock above its five-week modified moving average of $150.57. Weekly momentum is projected to be flat this week vs. 89.78 on June 2, still above the overbought threshold of 80.00. Buy weakness to my semiannual value level of $123.54. The stock popped above this level on Feb. 1 as a buying opportunity. My annual pivot remains at $151.69. Sell strength to my weekly risky level of $156.57.

Amazon.com
Amazon.com
Source: MetaStock Xenith

The weekly chart for Amazon is positive but overbought with the stock above its five-week modified moving average of $959.64. Weekly momentum is projected to rise to 93.90 this week, up from 91.93 on June 2, moving further above the overbought threshold of 80.00. Buy weakness to my semiannual and annual value levels of $779.56 and $753.89, respectively, and tested as 2017 began. My weekly pivot is $1,010.18. Sell strength to my quarterly risky level of $1,025.99.

Facebook
Facebook
Source: MetaStock Xenith

The weekly chart for Facebook is positive, but overbought, with the stock above its five-week modified moving average of $149.05. Weekly momentum is projected to rise to 88.30 this week, up from 85.45 on June 2, moving further above the overbought threshold of 80.00. Buy weakness to my monthly and semiannual value levels of $144.07 and $142.19, respectively. My quarterly pivot is $148.04. Sell strength to my weekly risky level of $157.29. A "golden cross" confirmed on Jan. 31 provided a buying opportunity at $130.32.

A "golden cross" occurs when the 50-day simple moving average rises above the 200-day simple moving average and signals that higher prices lie ahead.

Alphabet
Alphabet
Source: MetaStock Xenith

The weekly chart for Alphabet is positive, but overbought, with the stock above its five-week modified moving average of $951.13. Weekly momentum is projected to rise to 92.66 up from 90.26 on June 2, moving further above the overbought threshold of 80.00. Buy weakness to my quarterly, monthly and semiannual value levels of $937.51, $927.02 and $917.82, respectively. Sell strength to my weekly risky level of $1,039.95.

Netflix
Netflix
Source: MetaStock Xenith

The weekly chart for Netflix is positive but overbought, with the stock above its five-week modified moving average of $157.70. Weekly momentum is projected to rise to 90.08 this week up from 87.04 on June 2, moving further above the overbought threshold of 80.00. Buy weakness to my annual value level of $111.17. My semiannual and quarterly pivots are $151.62 and $167.84, respectively. Sell strength to my weekly and monthly risky levels of $169.16 and $184.71, respectively.

Tesla Inc.
Tesla Inc.
Source: MetaStock Xenith

The weekly chart for Tesla is positive but overbought, with the stock above its five-week modified moving average of $321.88. Weekly momentum is projected to rise to 91.87 this week up from 89.25 on June 2, moving further above the overbought threshold of 80.00. Buy weakness to monthly, quarterly and annual value levels of $324.22, $294.13 and $250.95, respectively. Sell strength to my semiannual risky level of $381.28.

Apple, Facebook and Alphabet are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AAPL, FB and GOOGL? Learn more now.

Editor's Pick: Originally published June 8.

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This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.