Tech stocks confirm support at 18,500.00

Source: Dukascopy Bank SA


Since the last review of the US tech stock index on August 27, the index declined until it confirmed the 18,500.00 level as support. The event was followed by a recovery. By late September, the recovery had managed to break the resistance of the 20,000.00 mark.

In the near term future, the index could reach the all-time high level range at 20,595.00/20,784.00. In the case of the resistance range not holding, the stocks might slow down near 21,000.00 and 21,500.00.

On the other hand, a decline of the stocks will look for support in the 50 and 100-day simple moving averages near 19,500.00 and 19,000.00. Further below, the 18,500.00 might once again impact the equity index.
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