Global Tech companies made a great comeback since giving brave investors the best Christmas (time of Low) 2018 gift ever. ISHARES TRUST GLOBAL TECH ETF now approaching its all time highs the ETF made in August & October last year (2018). Nice little inverse head and shoulders developed, confirming the reversal in the downtrend. Share price also made a Golden Cross with yesterdays close, confirming that the force is strong with this one. IXN however trading at extreme overbought levels according to its RSI (Caution).
Should that right shoulder not break (above $177) upward, the downside resistant to watch is quite a bit lower. $166.50 will be my first target, with both the 50-day & 200-day moving average at $163, being a strong support level (also my stop-loss). Should we see a break through these levels, $154 could be next target with a break possibly testing the long-term trendline at $142.
Traders that want to go long, shouldn't do so with a weak heart ;-)
Top10 holding currently:
MSFT
14.13%
AAPL
13.43%
V
4.26%
INTC
3.78%
CSCO
3.76%
005930
3.38%
MA
3.34%
2330
2.30%
ORCL
2.13%
ADBE
2.04%
Should that right shoulder not break (above $177) upward, the downside resistant to watch is quite a bit lower. $166.50 will be my first target, with both the 50-day & 200-day moving average at $163, being a strong support level (also my stop-loss). Should we see a break through these levels, $154 could be next target with a break possibly testing the long-term trendline at $142.
Traders that want to go long, shouldn't do so with a weak heart ;-)
Top10 holding currently:
MSFT
14.13%
AAPL
13.43%
V
4.26%
INTC
3.78%
CSCO
3.76%
005930
3.38%
MA
3.34%
2330
2.30%
ORCL
2.13%
ADBE
2.04%