USA Tech stocks pierce 14,000.00 mark

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Source: Dukascopy Bank SA


The USA Tech stock has plummeted, as incoming US rate hike has caused an end of the channel up pattern, which guided the rate since June 2020. Afterwards, the index shortly found support in the 200-day SMA, before eventually piercing the 14,000.00 mark on January 24, as a sell off was occurring.

In the near term future, the continuation of the decline might look for support in the 13,500.00 mark, before aiming at the 13,000 level. Both of these levels had acted as resistance and support during the surge of US tech stocks.

Meanwhile, a potential recovery of the index would have to pass the resistance of the 14,500.00 mark and the 15,000.00 level together with the 200-day SMA.

However, most likely, the future depends on the US Federal Reserve events on Wednesday at 19:00 GMT, not technical analysis.
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