DAILY CHART
DAILY CHART LINE
- The first chart shows the moving average situation of NASDAQ COMPOSITE in daily chart.
- Unlike dow jones in nasdaq composite the 20 day moving average has stayed above the 200 day moving average.
- And the price is also trading above its 10 day and 200 day SMA's. And on friday the index stopped just short of its 20 day SMA.
- The 2nd chart shows a descending triangle kind of pattern were the price is trading close to a resistance trend line. Any upsides are possible only after the trend line breakout and a daily close above it. And it is similar to the falling wedge as well.
- If an upside break out happens and the index closes above the trend lines the first target is 2327.
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