Let's check in on the progress of the NASDAQ Composite from its breakout from the Cup With Handle chart pattern. This review will stay focused shorter-term since I have discussed log-term upside price targets in the previous articles for the index.
NASDAQ Composite
This first chart for the NASDAQ Composite is a 3 year weekly candlestick chart. I've overlaid 2 shorter-term Fibonacci Extension Tools on the chart while also leaving longer-term ones on there.
The NASDAQ's price is approaching the 261.8% Target Line for the black Fibonacci Extension Tool. Fibonacci Extension Tools are one of my main tools to calculate price objectives.
Analyzing Overhead Price Objectives and Possible Resistance Areas for the NASDAQ Composite Using Fibonacci Extension Tools
It will be important to monitor the…...
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I review the items to watch for from a technical analysis perspective to determine if the NASDAQ Composite will break through its overhead resistance area.
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