FOMC officials’ pledge to keep the monetary policy accommodative has pumped up the appetite for risk assets. After reaching near the March high of 13330, the tech index saw profit-taking as the RSI shot into the overbought zone.
The price has bounced off the demand zone around 12900. As the bullish sentiment makes its return after the recent correction, a neutral low RSI could prompt bargain hunters to get onboard.
A rally above the previous high may extend the recovery towards 13700.
