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FAANGs Retested Downtrend Line

Published 11/04/2019, 01:49 AM
Updated 07/09/2023, 06:31 AM
BIDU
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AMZN
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NFLX
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TWTR
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BABA
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FNGU
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The following daily chart of FNGU shows that price has broken above and retested a downtrend line.

FNGU is an exchange-traded note that tracks 3x the daily price movements of an index of U.S.-listed technology and consumer discretionary companies. The index is highly concentrated and equally weighted.

The next major resistance level is around 47.34 (61.8% Fibonacci Retracement level).

Daily Chart Of FNGU

FNGU is comprised of the tech stocks shown on the following daily charts.

Keep an eye on Amazon.com (NASDAQ:AMZN), Netflix (NASDAQ:NFLX), Alibaba Group (NYSE:BABA), Baidu (NASDAQ:BIDU), and Twitter (NYSE:TWTR) to see if they can claw their way back to an uptrend, especially Twitter, which can't afford to turn down advertising dollars from political ads pertaining to the 2020 election, as was recently decided by its CEO.

FAANG Chart

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