Important Stocks To Watch - Breakout Stocks/ Important Developments
Technical Analysis Of The Technology Sector, XLK
On this page, I devote it to the tech sector or more famously known as the XLK to help determine the direction of technology sector and its stocks.
November 1 2021
November and December are usually great months for the tech sector. So, quite a lot of money can be made if we focus on the tech sector as well as the components in this sector.
As you can see from the chart above, the XLK made new all time highs. When this sector does well, it is also very good for the stock market. It has overcome the previous high and as long as XLK stays above the green area that I have highlighted then things are good for tech stocks and they are very likely to continue to move higher in November.
Despite AAPL's disappointing earnings, the XLK gap down only to close higher. This is a bullish engulfing pattern and could signal a continuation higher.
The XLK is also about to have a bullish cross. The last time it did so was in June 2021 and the sector rose quite a lot since then.
The 60 min chart also points to a bullish bias. It is currently staying above the rising 60 min 20 MA and 50 MA. I suggest to continue to be bullish as long as it stays above the 60 min 20 MA and 50 MA.
Recently XLK broke out above an ascending triangle pattern and as long as XLK stays above the top of this pattern then we should be moving higher.
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