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Nasdaq is Testing Important Resistance

November 6, 2020
in ANALYSIS, CFDS, DAILY UPDATES, Indices
Reading Time: 2min read
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Nasdaq is Testing Important Resistance
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Nasdaq Daily Chart, Percentage of Stocks Over 4 Week Highs and 4 Week Lows

Nasdaq soared more than %10 this week. Last Friday, we stated in our Nasdaq is Getting Weaker titled article the percentages of stocks below their 4-week lows were around %35. Except Covid-19 falls in February and March this indicator’s bullish signal worked every time in 2020 and this week was no different. 

Nasdaq Mid-Long Term Bullish Flag
Nasdaq Hourly, Macd 9, 12, 26

Now Nasdaq is testing bullish flag’s upper band. As long as this line and September top holds, we can see a reverse move in short-term to 11,600 horizontal support or 100 day moving average which is near 11,156 at the moment. In hourly chart, Macd reversed already from the last bottom which will increase the downside move odds. But long term trend is still bullish and when the flags upper band break above with September top uptrend may continue for a while.

Tags: CFDsCovid-19IndicesMacdNasdaq
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    The ideas and the information shown here have no responsibility of any of the trading decisions made by the investors or the visitors of this site. Therefore, under no circumstances will FTD Limited nor FTD Articles be held responsible or liable in any way for any claims, damages, losses, costs or liabilities resulting or arising directly or indirectly from the use of website content. We recommend that you seek advice if you have not involved with trading before in order to prevent potential risks that may arise.

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