Tech stocks regain vigor as yields decline
US100 rose more than 3.6% today, hitting the upper limit of the consolidation zone at 12,750 pts. Yesterday sellers failed to break below 50.0 % Fibonacci retracement of the recent upward impulse. At the same time, the structure of the larger overbalance pattern was maintained. Today we see an increase in demand for many tech stocks. Tesla is gaining a lot thanks to new positive recommendations. Gamestop is also gaining thanks to the announcement of entering the e-commerce market. Of course, TNOTE fell only slightly at the moment, so investors need to be careful about the future of current rebound. The nearest resistance to watch lies around 13,000 pts and coincides with the downward trend line.
Bulls need to keep the price above 12,500 pts. The upward move should accelerate if buyers will manage to break above the 38.2 % Fibonacci retracement. Source: xStation5
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