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.
