MARKET TRENDS (11th NOV 18)
Short Thoughts
The technology stocks have been the talk for the markets, as it is leading the gains and losses through recent times. There have been views by market analysts that suggest that profits for technology firms are peaking and thus led to the recent sell-off. Moreover, Apple has stated that they will not disclose the number of iPhones sold in their future reporting that seems to suggest sales figures for iPhones could have reached saturation point.
For this write-up, we will take a look at the charts to have a gauge of the magnitude of further downside if this tech sell-off persists. We took a look at the China Technology stocks ETF (QQQC) and it is still stuck in a downtrend with strong support coming in at around 19-20 levels. So it is around 15 per cent away from current levels.
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