NASDAQ stock index continue to move in the uplink. At the time of the publication of the forecast, the index is trading at 7044. At this point, we should expect an attempt to grow and test the resistance level near the area of 7085. Where should we expect a rebound and the continuation of the fall in NASDAQ quotes to the area below 6870.
NASDAQ Forecast and Analysis March 8, 2019
In favor of the fall of the stock index quotes, a test of the resistance line on the indicator of relative strength index (RSI) will be made. The second signal will be a rebound from the «Neckline» of the «Head and Shoulders» reversal pattern. Cancellation of the option to reduce the quotations of the index will be a strong growth and the breakdown of the 7185 area. This will indicate a breakdown of the resistance level and continued growth of the NASDAQ with a target above the 7285 level.
NASDAQ Forecast and Analysis March 8, 2019 implies an attempt to test the resistance level near the region of 7085. Then, further fall to the region below 6870. The test of the resistance line on the relative strength index (RSI) will be in favor of the NASDAQ quotes reduction. Cancellation of the reduction option will be a strong growth and the breakdown of the 7185 area. This will indicate continued growth with a target above the 7285 area.