Nasdaq Rising Trend Channel identified by Investtech.com. Investtech.com has identified a rising trend channel for the Nasdaq composite.
Nasdaq Combined Composite Index is in a rising trend channel in the medium long term. This shows that investors over time have bought the index at higher prices and indicates good development for the market. There is no resistance in the price chart and further rise is indicated. In case of a negative reaction, the index has support at approximately 8170 points.
RSI is above 70 after a good price increase the past weeks. The index has strong positive momentum and a further increase is indicated. However, particularly for big stocks, high RSI may be a sign that the stock is overbought and that there is a chance of a reaction downwards. The index is overall assessed as technically positive for the medium long term.
Danny Deegan is the owner and proprietor of stocktipsguru.com. Born in the UK, currently working within financial services with an emphasis on equity investments.