Chimara BygoldAn April 2022 tech-dominated index fall saw Nasdaq composite index sinking 14.2 percent on Friday, in what represents the worst monthly decline since October 2008.
Trading to a new session low, the Nasdaq index was down 3 percent and reaching 12481.76, and later just above 12490.00 – down 381 points or -2.96 per cent the same day.
The price technically slumped below the 38.2 per cent retracement of the upward movement from the post pandemic low in March 2020.
At 15 per cent or $ -449 down, shares of Amazon is said to have been a major catalyst for the Friday downside. The price also moved below the 200 week-moving average for the first time since January 2009 at $54.
The price nearly hit the low for the week at 12490.74 reached on Thursday, slightly above the low from 2021 that traded at 12397.05.
Analysts at Prime Business Africa believe that a move below that 2021 lowest price of 12397.05 in 2021 would open the door for further downside.
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