NDAQ Chart – Ready for a Bounce
I charted the past six months of daily price movement for Nasdaq OMX Group Inc (NDAQ) before the markets opened on March 31, 2009.
- NDAQ is at the bottom of its trading channel close to the nearly horizontal line of lows
- Each time NDAQ got near these lows Williams %R showed a complete fall through the oversold indicator
- NDAQ is below its 10, 20 and 50 day moving averages – all of which are just above 21 and could provide some resistance to the upside
- The biggest resistance for each are the three trend lines above the current price
- All four trend lines I drew are sloping down with slightly lower lows and larger changes in the lower highs
- The top two trend lines will connect soon creating a new dynamic to watch
Opinion – Upside has more potential than the downside has risk
I'll take requests for stocks and ETFs to chart too. You can reach me at alex [AT] chart-analysis.com. DISCLAIMER: Charts found on these pages are my opinions and I take no responsibility for any losses you may incur if you agree with my charts. Although I am a Registered Investment Advisor Representative, the content contained on this site is not personal advise. Consult your own financial advisor or do your own research before trading or investing in any of these securities.
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[...] last time I posted a chart of NDAQ I said it was ready for a bounce. It opened that day at $18.80 and eight days later topped out at [...]