USA Tech stocks find support in SMA

Note: This section contains information in English only.
Source: Dukascopy Bank SA


Since July 2020, the USA Tech stock index has been surging in a large scale channel up pattern. On November 22, the index bounced off the pattern's upper trend line and started a decline. The decline was stopped by the 50-day simple moving average near 15,700.00. By December 9, the index had recovered to 16,400.00.

In the case of a continuation of the surge, the index could find resistance in round levels like the 16,500.00 and 17,000.00, before reaching the upper trend line of the channel up pattern.

Meanwhile, a decline of the index might look for support in the 50-day simple moving average near 15,750.00. Below the SMA, the lower trend line of the pattern is set to stop a decline.
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