FNGU barely holding Up Channel with no definite direction
In this weekly chart,Faang stocks etf completed a bearish W-pattern & fell & now consolidating around the W-neck area 33 to 37 undecided where to go. TNX rates are going higher which puts pressure on growth stocks like XLK FAANG stocks, SMH while some money seems to be rotating to value stocks like DIA, IWM & IYT.
The good thing is Metaverse is here to stay so many of FAANG components will benefit like FB, MSFT, NVDA.
That may be the reason why FNGU is still fighting to hold its up-channel. Failure to hold 33 will see next supports at 28 & 24.
A lot of money has been pouring into FNGU since Nov of 2019 as seen in the big green Money Floe Index inside market cipher. If 33 holds, there is still room for wave 3 to run.
The good thing is Metaverse is here to stay so many of FAANG components will benefit like FB, MSFT, NVDA.
That may be the reason why FNGU is still fighting to hold its up-channel. Failure to hold 33 will see next supports at 28 & 24.
A lot of money has been pouring into FNGU since Nov of 2019 as seen in the big green Money Floe Index inside market cipher. If 33 holds, there is still room for wave 3 to run.