USA Tech stocks encounter resistance zone

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


A May low level zone at 11,508.00/11,700.00 provided enough support for the US Tech stocks to start a recovery. By the start of June, the index had reached the zone, which captured the February, March and April low levels. The zone appeared to have acted as resistance.

If the index resumes its decline, the US tech stocks are highly likely set to look for support in the 11,508.00/11,700.00 zone, before reaching the lower trend line of the channel down pattern. The pattern has guided the rate throughout late 2021 and 2022.

Meanwhile, a surge above the 12,850.00/13,100.00 zone could encounter resistance in the 13,500.00 level, before the upper trend line of the large scale pattern would be reached. In addition, note the approaching 50-day simple moving average, which acted as resistance in mid-April.
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