Quick Update - Big Tech Wait for support tests
This is a quick update for those of you who are unsure whether big tech will rally to previous highs or return back to the depths of the post-correction crash.
Here I'm going to talk about the potential movements of the Tech sector today.
Let me know how it goes for and how you view this recent attempt at a Tech Sector rally.
If this analysis helps, I'd really appreciate a like, it lets me know that what I'm doing is good work.
Best of luck and Stay Disciplined
Overall there is naturally a lot of momentum behind the recent rally which is discussed in my last couple of post:
However, there has been a lack of short interest in recent days: fintel.io/ss/us/msft, fintel.io/ss/us/aapl. This suggests shorts have been waiting for what they see as a potential overextension of equities to get in short. This could be seen in a cup and handle pattern as seen on the chart. This will bring down prices to recent supports allowing for buying opportunities from big players who have been waiting for tech to come out of this recent slowdown.
Correction Start:
Therefore my personal strategy is to wait for support testing at around 2120-2125 which may happen early into the session and then to go long if this test is met by high volume. If this support is broken wait for support at the hard support at 2067-2072.
Straight Up:
If tech instantly moves up this morning I would be cautious about going long, although there is potential for a substantial move up, a correction will occur soon to reduce overextended RSI levels prior to moving towards all-time highs. Wait for tests at around 2120-2125.
Apologies for the short analysis, I wanted to provide some sort of caution for this morning.
Here I'm going to talk about the potential movements of the Tech sector today.
Let me know how it goes for and how you view this recent attempt at a Tech Sector rally.
If this analysis helps, I'd really appreciate a like, it lets me know that what I'm doing is good work.
Best of luck and Stay Disciplined
Overall there is naturally a lot of momentum behind the recent rally which is discussed in my last couple of post:
However, there has been a lack of short interest in recent days: fintel.io/ss/us/msft, fintel.io/ss/us/aapl. This suggests shorts have been waiting for what they see as a potential overextension of equities to get in short. This could be seen in a cup and handle pattern as seen on the chart. This will bring down prices to recent supports allowing for buying opportunities from big players who have been waiting for tech to come out of this recent slowdown.
Correction Start:
Therefore my personal strategy is to wait for support testing at around 2120-2125 which may happen early into the session and then to go long if this test is met by high volume. If this support is broken wait for support at the hard support at 2067-2072.
Straight Up:
If tech instantly moves up this morning I would be cautious about going long, although there is potential for a substantial move up, a correction will occur soon to reduce overextended RSI levels prior to moving towards all-time highs. Wait for tests at around 2120-2125.
Apologies for the short analysis, I wanted to provide some sort of caution for this morning.
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