US Tech stocks confirm pattern

Source: Dukascopy Bank SA


USA Tech stock index has recently confirmed the upper boundary of a major channel up pattern. The pattern has been guiding the index up since October 2022.

In theory, the index should decline to the lower trend line of the channel pattern. However, the descent might be slowed down by the 14,500.00 mark, which has acted as support and resistance. In addition, the 50-day simple moving average could provide additional support.

On the other hand, a recovery of the stocks would have to pass the 15,000.00 mark. Higher above, note the previous high level at 15,285.00 and the upper trend line of the ascending pattern.
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