US tech stocks reveal pattern

Source: Dukascopy Bank SA


The surge of the United States tech stocks continues, as in early 2024 the 50-day simple moving average provided support and by March the 18,000.00 mark was already passed. Meanwhile, it has been spotted that the almost half-year old surge has been occurring in an ascending wedge pattern.

In the near term future, the index could look for support in the 18,000.00 mark, the lower trend line of the ascending pattern. A sudden passing below the trend line is expected to result in the stocks looking for support in the combination of the 17,500.00 level and the 50-day simple moving average.

On the other hand, a resumption of the surge is bound to be slowed down by the 18,500.00 level and the upper trend line of the pattern. The index is expected to bounce off resistance, consolidate and then continue on, unless the broader global fundamentals like interest rates don't change.
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