dchua1969

Give us a sign, NASDAQ

dchua1969 Updated   
TVC:IXIC   US Composite Index
The Nasdaq has broken new records high and it is getting the bulls a little jittery. Shall I add more ? I will not if I were you for the following reasons :

1. It is now trending at a steep angle within the ascending channel. Once it breaks down, we know a correction is inevitable. Risk reward ratio may not be justifiable to go long now.

2. Currently, the price is staying about the 10,879 level, which is above the box shown in the chart. The candles are getting shorter and shorter , a sign that the bulls are tired and the bears are attempting to bring the price down. Once the price action returns to the box, it is likely to see it revisit the support 10,184.

3. If the selling pressure is strong, then we can see it break down further from the box and revisit the next resistance turn support level at 9733.70. Here, we can expect a rebound , most likely.

Comment:
www.cnbc.com/2020/09...n-to-close-news.html

This almost 6% fall caused quite a havoc among some followers, scrambling to take their profits and close positions. Now, if we look at chart objectively, there lies an opportunity for a rebound as it is still within the wedge pattern. Let's watch tonight closing before deciding the next course of action. Follow the market not before it .
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