Two weekly resistance zones to monitor in near future
The Nasdaq is the only major index that hasn't participated in the All Time Record Highs Fest...
The Index is lagging behind the Dow and S&P and it is slowly approaching it previous highs near 4600-4700.
The first potential sell zone is 4600-4700 - Triple top (weekly) is definitely something that can stop the Nasdaq from advancing to new highs territory.
Another very interesting trading scenario will be if the Nasdaq will break out of the first resistance zone and advance higher towards 5000. There it'll meet these 3 technical obstacles that make 5000 a VERY interesting potential Sell Zone:
1. Psychological Price Zone.
2. Completion of bearish Butterfly
3. Re-test of broken weekly uptrend line (resistance now)
b]
Tomer Jakov, The MarketZone
This analysis is part of the Weekly Markets Analysis newsletters
To read more interesting technical reviews for the week (including video version) - goo.gl/5u89f8
To subscribe to the newsletters - goo.gl/JfOLoR
The Index is lagging behind the Dow and S&P and it is slowly approaching it previous highs near 4600-4700.
The first potential sell zone is 4600-4700 - Triple top (weekly) is definitely something that can stop the Nasdaq from advancing to new highs territory.
Another very interesting trading scenario will be if the Nasdaq will break out of the first resistance zone and advance higher towards 5000. There it'll meet these 3 technical obstacles that make 5000 a VERY interesting potential Sell Zone:
1. Psychological Price Zone.
2. Completion of bearish Butterfly
3. Re-test of broken weekly uptrend line (resistance now)
b]
Tomer Jakov, The MarketZone
This analysis is part of the Weekly Markets Analysis newsletters
To read more interesting technical reviews for the week (including video version) - goo.gl/5u89f8
To subscribe to the newsletters - goo.gl/JfOLoR