Taking profits on US Tech 100

I suggested selling the US Tech 100 Cash at market (trading at 3546 at the time) and the trade got off to a good start, trading to a low of 3482.

On the daily chart the 9–day RSI is oversold, but not at extremes yet.

However there is a chance of a squeeze higher, so I am going to take profits at 3511 on the trade and look for a higher level to sell into.

Sentiment is still turning lower, so I will look at working new shorts into the 3551 level. I close out for a 35 point, or 1% profit on US Tech 100.

US Tech 100
US Tech 100

The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication.