FANG Index is Testing an Important Support
Burc Oran
May 18, 2021
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.

Stay informed with market news by subscribing to our reading list.

FTD Articles is a website prepared by FTD Limited's research team. FTD Limited is an online brokerage company offering products of Forex, Spot Metals and CFDs.
The ideas and the information shown here have no responsibility of any of the trading decisions made by the investors or the visitors of this site. Therefore, under no circumstances will FTD Limited nor FTD Articles be held responsible or liable in any way for any claims, damages, losses, costs or liabilities resulting or arising directly or indirectly from the use of website content. We recommend that you seek advice if you have not involved with trading before in order to prevent potential risks that may arise.