USA Tech books new ATH

Source: Dukascopy Bank SA


The USA Tech index booked a new all-time-high level on Friday, October 29. The index has been surging on both larger and smaller scales, as USA Tech has been surging in a broad channel up pattern since the middle of 2020. Meanwhile, throughout October the index has been surging, supported by an ascending trend line.

In regards to the near term future, the index was expected to continue to surge, as it faced no technical resistance as high as the upper trend line of the large scale channel up pattern near 16,500.00. However, note that the 16,000.00 mark is highly likely going to provide resistance.

Meanwhile, a potential decline of the index could look for support in the previous all-time-high level near 15,700.00. Below this level, the 55-hour SMA might keep the index up.
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