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FANG Index is Testing an Important Support

FTD Limited by FTD Limited
May 18, 2021
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FANG Index is Testing an Important Support
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FANG Index Daily Chart
FANG Index Daily Chart

FANG Index consists of big tech companies such as Alphabet, Netflix, Tesla, Amazon. These companies hold great weight in the US indexes Nasdaq and S&P500. Because of this weight, FANG Index has a direct impact on stock markets. FANG broke the uptrend in March. Since then it is consolidating. 6100 is a key support level and if broken, a thousand points down move is within possibilities. Currently, Apples’s anti-competitive investigations by the EU and Tesla’s weakening after Musk’s bitcoin tweets is causing bearish pressures. But, support from 6100 with a spearman buy signal showing us technical wise, an up to 9% surge is a possibility. In the end, it may be up to 6100 support to show the future direction of medium-term movements.

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Tags: AlphabetAmazonFANG IndexNetflixTesla
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