Technology stocks have enjoyed considerable popularity in recent years and it appears that the momentum will continue. The NASDAQ has suffered for the last six weeks or so, but appears to be presenting as a value long-term investment.
Investors Notes:
- The Index has almost pulled back a 7.5% sell-off from earlier this year.
- Google, Apple and Facebook are up more than 9% in the past month.
- Yet, we are still awaiting the recovery of some high flying stocks, such as EBay and Amazon.
- Yesterday the index gapped open jumping past the 4200 level, staging a significant technical breakout, with the 4180 level representing a technical support level.
- There are likely to be pullbacks but we can aim for 4350 as the next resistance level.
- Banc De Binary analysts predict the NASDAQ will continue to rise reflecting the growing appetite for tech stocks, hence an upward movement in the NASDAQ is expected.