USA Tech stocks surge in channel

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


Since October 13, the USA Tech stock index has been surging in a narrow channel up pattern.

Meanwhile, it has been spotted that in the first week of November, the surge consolidated by trading sideways at round price levels. namely, the index consolidated by finding both resistance and support in the 15,800.00, 16,000.00 and 16,200.00 levels.

In regards to the near term future, the index is most likely going to surge, as it faces no technical resistance as high as the 16,600.00 mark. At the 16,600.00 level, the tech index could find resistance in the channel up pattern's upper trend line.

However, a consolidation near the 16,400.00 is possible, as the index could trade sideways until it reaches the lower trend line of the channel up pattern. Meanwhile, by the time the index reaches the trend line, the 50-four hour SMA might catch up and provide additional support.

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