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The July surge of US tech stocks eventually broke the resistance line of the channel down pattern, which had guided the 2022 decline. The breaking of the pattern occurred due to the support of the 12,830.00/13,120.00 range. In mid-August, the pair had extended its surge above 13,500.00, before starting a decline. On August 23, the index had reached the lower boundary of the 12,830.00/13,120.00 zone.
In the case of the index declining below 12,830.00 it is expected that the 50-day simple moving average would act as short term support and strengthen the 12,500.00 level. Further below, note the 12,120.00/12,225.00 zone, which has acted as resistance and support during this summer.
On the other hand, a recovery of the global economy and the US tech sector could result in the rate testing round price levels until it reaches the 15,200.00/15,550.00 zone.
Tue, 23 Aug 2022 12:55:10 GMT
Source: Dukascopy Bank SA
The July surge of US tech stocks eventually broke the resistance line of the channel down pattern, which had guided the 2022 decline. The breaking of the pattern occurred due to the support of the 12,830.00/13,120.00 range. In mid-August, the pair had extended its surge above 13,500.00, before starting a decline. On August 23, the index had reached the lower boundary of the 12,830.00/13,120.00 zone.
In the case of the index declining below 12,830.00 it is expected that the 50-day simple moving average would act as short term support and strengthen the 12,500.00 level. Further below, note the 12,120.00/12,225.00 zone, which has acted as resistance and support during this summer.
On the other hand, a recovery of the global economy and the US tech sector could result in the rate testing round price levels until it reaches the 15,200.00/15,550.00 zone.