July 24, 2020, 9:54 am EDT
Technology 4-Month Uptrend Breakdown
Following AAPL, AMZN, MSFT breakdown, Intel (INTC) -17%, TSLA -10% gave up their uptrend potential and joined mega technology to go down.
Besides US-China tension and rising COVID_19 cases, profit taking is also expected after a 4-month straight up rally.Thus, it makes sense to use Fib retracement level to gauge potential support or rebound level. We will use AAPL as a benchmark in the coming article.