Nas has broken out of the down trend, fallen back down to retest previous resistance, and bounced which is bullish.
Target 13700's sometime this week - a retest of a key horizontal level where support turned to resistance.
12hr slightly bigger picture alternative view - the September lows TL remains intact and the road to new ATHs should resume above 13800 in theory:
On larger timeframes we are still in chop zone. I will look for resumption of bull run and a run to new ATHs after a daily close above 20MA and 50MA (and Friday's highs):
On weekly timeframe we appear to be bouncing off 20MA and could continue upwards to new ATHs however I'm also watching smaller TFs:
Target 13700's sometime this week - a retest of a key horizontal level where support turned to resistance.
12hr slightly bigger picture alternative view - the September lows TL remains intact and the road to new ATHs should resume above 13800 in theory:
On larger timeframes we are still in chop zone. I will look for resumption of bull run and a run to new ATHs after a daily close above 20MA and 50MA (and Friday's highs):
On weekly timeframe we appear to be bouncing off 20MA and could continue upwards to new ATHs however I'm also watching smaller TFs:
Comment:
Another alternative view - QQQ (Nasdaq ETF) looks very bullish. QQQ doesn't include futures prices and shows gaps up/down.
Comment:
NAS has broken above horizontal resistance level and at top of broadening wedge resistance - if this breaks up we should be good to go for new ATHs in the near future.
N.B. This may take slightly longer than usual as June is statistically the least volatile month of the year...
1hr view:
4hr view:
N.B. This may take slightly longer than usual as June is statistically the least volatile month of the year...
1hr view:
4hr view:
Comment:
Break out
Comment:
New ATHs!
Starting to look a little extended - however usually goes 2-3% above previous ATH before pulling back. Looking at 4hr and 8hr charts I see 14200 and 14400 as possible resistance zones.
4hr:
8hr:
Starting to look a little extended - however usually goes 2-3% above previous ATH before pulling back. Looking at 4hr and 8hr charts I see 14200 and 14400 as possible resistance zones.
4hr:
8hr: