USA Tech stocks remain in descending pattern

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


The USA Tech stock index remains in the channel down pattern, which has guided it since the end of November. Since the last review on February 10, the index continued to decline until it encountered a support zone above the 13,000.00 mark. After zooming in on the hourly candle chart, the zone was marked to be exactly at 13,050.00/13,113.00. The zone appears to have held out and reversed the index three times.

The testing of the support zone eventually resulted in a surge, as the stocks recovered and on March 3 were approaching the upper trend line of the channel down pattern near the 14,430.00 mark.

If the index breaks the descending pattern, it could almost immediately face resistance at the 14,500.00 mark, which is set to be strengthened by the 50-day simple moving average. Above these levels, note the 15,000.00 mark, which, despite being two times pierced, acted as resistance in late January and early February.

However, a decline of the stocks might find some support in the January low level at 13,725.00 and the 13,500.00 mark, before approaching the support zone at 13,050.00/13,113.00.
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