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Nasdaq Creating Bearish Reversal On 2000 Highs

ByChris Kimble
Published 07/30/2018, 02:50 PM
IXIC
1.20%

Nasdaq Composite

This chart looks at the Nasdaq Composite index on a monthly basis over the past 20 years, where we applied Fibonacci to the 2000 highs and 2003 lows.

This past month the index was testing the 161% Fibonacci extension level off the 2000 highs/2003 lows and the underside of a steep rising channel at (1).

While testing both of these levels this month, the index looks to be creating a large bearish reversal pattern (bearish wick) at dual resistance.

The trend for tech remains up. This is a price point where the bulls do not want to see selling get started.

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Latest comments

Ilya AtomiqJul 30, 2018, 23:15
The trend for tech remains up! Btfd!
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