- 3/17/2023 -
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|It was a first positive week for the Nasdaq (^IXIC). During the week, the ^IXIC gained 491.62 points, or 4.41%, and closed at 11630.51 on Friday, March 17, 2023. It was the best weekly gain since January 13, 2023. Weekly volume was 26% above average. |
Long-term trend: [See ^IXIC long-term trend chart]
A long-term downtrend had started on November 22, 2021 at 16212.23 and reached 10088.83 on October 13, 2022. ^IXIC lost 6123.40 points, or 37.77%, in 46 weeks. The chart has formed a Falling Wedge chart pattern. The downtrend resistance line (9473.11) is broken. Usually a broken resistance is considered to be a long-term bullish signal, but since daily indicators are overbought a short-term pull back is possible. ^IXIC may retest the broken resistance line. It is considered to be a support line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.
Medium-term trend: [See ^IXIC medium-term trend chart]
A medium-term uptrend had started on October 13, 2022 at 10088.83 and reached 12269.55 on February 2, 2023. ^IXIC gained -2180.72 points, or -21.62%, in 16 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 10322.65 and resistance is at 12680.72. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a medium-term trend.
Weekly Technical Indicators: [See ^IXIC weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is above its signal line since November 11, 2022. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.
Short-term trend: [See ^IXIC short-term trend chart]
A short-term downtrend had started on February 2, 2023 at 12269.55 and reached 10982.80 on March 13, 2023. ^IXIC lost 1286.75 points, or 10.49%, in 39 days. The chart has formed a Broadening Descending Wedge chart pattern.
Daily Technical Indicators: [See ^IXIC daily technical indicators chart]
Daily Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Williams' Percentage Range. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Williams' Percentage Range help.
During the last week, daily MACD line has moved above its signal line. Such crossover is considered a bullish signal.
During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.
During the last week, the price has moved above the moving average in the center of the Bollinger Bands. The distance between the Bollinger Bands (5.55%) is close to one year low (5.87%). It is 56.32% lower than one year average. It indicates the period of low volatility of the stock price, and it is considered a buy signal for the option traders. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.
During the last week, the price has advanced above the 50 Day Moving Average. Such crossover is considered a bullish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.