Nasdaq Technical Analysis: Potential Target Zones Identified
In our recent update on the Nasdaq, we noted that the market had bounced smartly off a previous peak of 16,765, the 2021 high. The Nasdaq is now reaching new highs, and I'm working to identify a potential target zone.
On the weekly chart, there is a parallel resistance line from the 2023-2024 uptrend, which is around 19,400 (see weekly chart).
On the monthly chart, we see a couple of Fibonacci extensions at 18,985 and 19,785. Additionally, the top of the Bollinger band on the monthly chart is at 19,555.
This analysis suggests there could be some resistance around 19,000, with a more significant struggle likely between 19,400 and 19,555.
#nasdaq #stocks #trading #investing #technicalanalysis #lovecharts
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The information posted on Trading View is for informative purposes and is not intended to constitute advice in any form, including but not limited to investment, accounting, tax, legal or regulatory advice. The information therefore has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. Opinions expressed are our current opinions as of the date appearing on Trading View only. All illustrations, forecasts or hypothetical data are for illustrative purposes only. The Society of Technical Analysts Ltd does not make representation that the information provided is appropriate for use in all jurisdictions or by all Investors or other potential Investors. Parties are therefore responsible for compliance with applicable local laws and regulations. The Society of Technical Analysts will not be held liable for any loss or damage resulting directly or indirectly from the use of any information on this site.
On the weekly chart, there is a parallel resistance line from the 2023-2024 uptrend, which is around 19,400 (see weekly chart).
On the monthly chart, we see a couple of Fibonacci extensions at 18,985 and 19,785. Additionally, the top of the Bollinger band on the monthly chart is at 19,555.
This analysis suggests there could be some resistance around 19,000, with a more significant struggle likely between 19,400 and 19,555.
#nasdaq #stocks #trading #investing #technicalanalysis #lovecharts
Disclaimer:
The information posted on Trading View is for informative purposes and is not intended to constitute advice in any form, including but not limited to investment, accounting, tax, legal or regulatory advice. The information therefore has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. Opinions expressed are our current opinions as of the date appearing on Trading View only. All illustrations, forecasts or hypothetical data are for illustrative purposes only. The Society of Technical Analysts Ltd does not make representation that the information provided is appropriate for use in all jurisdictions or by all Investors or other potential Investors. Parties are therefore responsible for compliance with applicable local laws and regulations. The Society of Technical Analysts will not be held liable for any loss or damage resulting directly or indirectly from the use of any information on this site.
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