Downtrend Broken Resist.Archive
- 9/22/2023 -
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Nasdaq (^IXIC) Technical Analysis
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|It was the negative week for the Nasdaq (^IXIC). During the week, the ^IXIC dropped -496.52 points, or -3.62%, and closed at 13211.81 on Friday, September 22, 2023. ^IXIC was trading at average weekly trading volume. |
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 (8717.99) is broken. A broken support is considered to be a long-term bullish signal. 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 14446.55 on July 19, 2023. ^IXIC gained -4357.72 points, or -43.19%, in 39 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 10627.27 and resistance is at 15340.10. 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 below its signal line since August 18, 2023. 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 September 1, 2023 at 14149.62 and reached 13200.64 on September 22, 2023. ^IXIC lost 948.98 points, or 6.71%, in 21 days. Price is near the trend low.
Daily Technical Indicators: [See ^IXIC daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are strongly oversold. Use the Technical Stock Screener to see the list of stocks with daily strongly oversold Williams' Percentage Range and Lane's Stochastic. 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 links to access Lane's Stochastic and Williams' Percentage Range help.
The daily MACD line is below its signal line since September 14, 2023. This is an indication that the short-term trend is down. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current short-term downtrend is strong.
The price touches the lower Bollinger Band. 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.