The BEARS are LURKING in the MARKET.
The NASDAQ Composite it’s showing sign of weakness now, but despite of the two last red candles, it’s still a bullish trend. The price is trading inside an ascending channel, and it found support at the purple trendline again. The price is trading above the 21 ema and above the previous top zone, which is evidenced by the pink line.
It lost today the 8950 (thin blue line), and now the bears will have to struggle to break out of this channel. We need to look at the hourly chart for more information:
The price found support at the green line (previous bottom), and in the end of the day it did a bullish pattern. We must wait for some confirmation tomorrow, but it’s easy to imagine NASDAQ going up to that blue line again, or testing the 21 ema, then we will see if the bears are serious here.
On the other hand, there’s a possibility the bears will break free from this ascending channel without testing any of these resistances, and if that’s the case, it will seek lower supports, like the red line in the daily chart.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
It lost today the 8950 (thin blue line), and now the bears will have to struggle to break out of this channel. We need to look at the hourly chart for more information:
The price found support at the green line (previous bottom), and in the end of the day it did a bullish pattern. We must wait for some confirmation tomorrow, but it’s easy to imagine NASDAQ going up to that blue line again, or testing the 21 ema, then we will see if the bears are serious here.
On the other hand, there’s a possibility the bears will break free from this ascending channel without testing any of these resistances, and if that’s the case, it will seek lower supports, like the red line in the daily chart.
Remember to follow me, I’m a trader who uses the classic technical analysis (barely any indicator, just the candles and the volume). Like this idea if it helped.
Thank you very much.
* LIKE this idea and FOLLOW me, because:
- Here, you will see clean charts;
- Trades with clear risk management;
- The best of Dow Theory, Price Action and Candlestick psychology;
- Chart patterns with statistics. *
* My name is Nathan, I'm a trader and portfolio manager and I'm here to LEARN. Leave your COMMENT and FOLLOW me to keep in touch. *
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