US Tech stocks trade above support

Source: Dukascopy Bank SA


The US tech stocks have continued to trade in the range between the support zone at 10,445.00/10,650.00 and resistance at 11,920.00/12,080.00. In December, the index bounced off the resistance zone and declined to the support.

At the start of 2023, it appeared that the support zone had held and the index had recovered to trade near 11,000.00.

In the case of a continued recovery, the currency pair might encounter resistance in the combination 50-day simple moving average and the 11,500.00 level. These levels have acted as resistance and support in November and December.

However, a decline below the support zone's lower boundary at 10,445.00 might result in the index finding strong support in the 10,000.00 mark.
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