InvestingScope

Nasdaq: Entering new multi-month Bull if the ATH (8,027) breaks

TVC:NDX   NASDAQ 100 Index
Despite Friday's fairly strong pull back, Nasdaq still approached last week the 8,027 All Time High after a very aggressive rebound on the 1D chart ( MACD = 50.350, Highs/Lows = 51.7055) since October 2nd near the 1D MA200 (orange line).

Having almost made a Double Bottom then, the annual pattern (2019) resembles that of the 2016/ 2017 period. Not identical 100% but fairly similar on candle action with the variations being due to the volatility caused on geopolitical reasons (China deal etc).

The index is now near the break out phase, which in 2016/ 2017 when the ATH broke paved the way for a very aggressive 12 month Bull Phase until January 2018 on more than +40% gains.

If the current ATH breaks (8,027) we see no reason why this won't initiate a new multi-month Bull Phase as long term investors will accumulate.





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