It's common to have 4 buying opportunities during a 1-year period when stocks come off their highs and hit a temporary low. A "higher" low is always a good thing, and we just saw the Nasdaq 100 touch and go off its support line on an upward channel pattern for the 4th time since June. And yes, the low is a higher low than in Nov. There's nothing that special about this pattern, other than knowing it's there. After a big flush of selling yesterday, Tech launched higher today to have it's biggest day of the year. The next leg higher could be in the $350 range for the Q's, which is 13% higher from here. The individual names that lead the sector will likely launch even higher after getting sold off 10, 20 and even 30%.
A few names to watch:
#TSLA bounced off its support line of an upward broadening wedge. The $1000 price point doesn't seem that far off when looked at from this point of view.
#NVDA has been trudging along in a sideways pattern since September but it did bounce off support very nicely and is heading higher. Even if it does hit resistance at $575 that's $75 higher from here.
#SQ has so much potential, it's really not even fair to other fintech stocks. #SQ bounced off strong support and looks to regain a high of $280 and higher. You can find analyst price targets in the $380 range for this stock so at $225, bargain hunters could be scooping this up fast.