US top stocks surge in channel

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The top 500 market capitalization US stocks have been surging in a channel up pattern since November. Most recently, the 5,100.00 level was passed.

A continuation of the surge is expected to be slowed down by the upper trend line of the channel pattern. Each time it acts as resistance it causes sideways price moves that can last up to a month. In addition, note that each round price level is capable of strengthening the trend line. The mentioned consolidations by sideways trading are likely at points where the trend line crosses a round price level.

In the meantime, support is expected to be provided by the 5,000.00 mark and the lower trend line of the pattern. A passing below these levels could result in the index looking for support in the 50-day simple moving average.
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