By Zak Mir.
U.S. Tech Stocks
- Summer island top sell configuration – subsequent 50 day moving average failure and second unfilled gap to the downside.
- Initial 2012 price channel support at $22.10.
- Above May gap floor at $21.42 promises towards August gap zone of $25.
- Ragged consolidation between $31 and $36 since April unfilled gap to the upside buy signal.
- Fresh unfilled gap to the upside for October above former August resistance at $35.20.
- Target as high as November price channel top of $39 over the next 1 -2 months or less.
- Double August and October bear trap rebounds from below 200 day moving average
- All the near term moving averages now rising
- Latest unfilled gap to the upside above 10 day moving average suggests that we could be treated to a top of November 2012 price channel target as high as $27 by early December.