US stocks approach 2022 high

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Source: Dukascopy Bank SA


The US Small Caps stock index has surged since early May. Most recently the index was approaching the 2,000.00 mark and the 2022 high at 2,033.50. Meanwhile, it has been spotted that the surge has occurred in a channel up pattern.

A continuation of the ongoing surge would have to break the resistance of the 2,000.00 mark and the 2022 high level at 2,033.50. In addition, note the upper trend line of the ascending channel.

On the other hand, a decline of the stock index could look for support in the 2021 low level at 1,938.80 and the 1,900.00 mark. Further below, note the support line of the channel pattern and the 50 and 200-day simple moving averages.
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Mon, 24 Jul 2023 13:15:41 GMT

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