US Tech stocks reveal triangle pattern

Source: Dukascopy Bank SA


Since mid-June, the US tech stock index has recovered from the 11,000.00 mark. However, resistance is being found in the 12,120.00/12,225.00 zone. In the meantime, the higher and higher low levels can be connected to review a supporting trend line. Combining the zone and the trend line, one can observe an ascending triangle pattern. Namely, pressure is building up and a break out can be expected.

A break out to the upside could test the resistance of the zone, which surrounds the 13,000.00 mark. Take into account the whole zone from 12,850.00 up to 13,100.00. Higher above, note the upper trend line of the channel down pattern, which captures the 2022 decline.

However, a breaking of the triangle to the downside is set to look for support in the 11,000.00 mark, before reaching the lower trend line of the channel down pattern.
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