IXIC: Giving us another TA class! Many patterns around!
Hello traders and investors! Let’s see how the Nasdaq is doing today!
It didn’t trigger any pullback sign since our last analysis, and as we thought, it is just trending. I see nothing around telling me it’ll drop again, but we have some possible patterns that could cause a pullback here.
First, notice the purple trendline. We talked about this line last week, when the price was still under it, and once defeated, the market did a pullback and found a support at it. This is another classic example of the Principle of Polarity in Technical Analysis: Previous resistances/supports will work as supports/resistances in the future. This happens because the market has a memory, therefore, we have key points we can use.
What’s more, we have a possible H&S chart pattern, and if we trigger the neckline, by losing the 14,660, then we might see a correction ahead.
The daily chart suggests we could drop to the 21 ema, and that would be fine, the trend would still be bullish in the mid-term. If we fail again in closing above the 14,755 then I believe it’ll be an exhaustion sign for real.
The chart looks quite stretched and this makes traders and investors nervous about buying at a possible top level. What’s the solution? Pick amazing stocks that are already near their support levels. I can’t even count how many incredible opportunities are out there, we just need to know where to look.
Meanwhile, watch the points mentioned in this analysis carefully! If you liked this analysis, remember to follow me to keep in touch with my free daily studies, and support this idea if it helped you!
Thank you very much!
It didn’t trigger any pullback sign since our last analysis, and as we thought, it is just trending. I see nothing around telling me it’ll drop again, but we have some possible patterns that could cause a pullback here.
First, notice the purple trendline. We talked about this line last week, when the price was still under it, and once defeated, the market did a pullback and found a support at it. This is another classic example of the Principle of Polarity in Technical Analysis: Previous resistances/supports will work as supports/resistances in the future. This happens because the market has a memory, therefore, we have key points we can use.
What’s more, we have a possible H&S chart pattern, and if we trigger the neckline, by losing the 14,660, then we might see a correction ahead.
The daily chart suggests we could drop to the 21 ema, and that would be fine, the trend would still be bullish in the mid-term. If we fail again in closing above the 14,755 then I believe it’ll be an exhaustion sign for real.
The chart looks quite stretched and this makes traders and investors nervous about buying at a possible top level. What’s the solution? Pick amazing stocks that are already near their support levels. I can’t even count how many incredible opportunities are out there, we just need to know where to look.
Meanwhile, watch the points mentioned in this analysis carefully! If you liked this analysis, remember to follow me to keep in touch with my free daily studies, and support this idea if it helped you!
Thank you very much!
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