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by Jayanthi Gopalakrishnan
The Nasdaq composite has been trading sideways ever since its sharp drop in April. A question dwelling on most minds is "When is the Nasdaq going to resume its upward trend?"
Position: N/A
Jayanthi Gopalakrishnan
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GANN ANGLE
The Nasdaq Composite: Where Is It Heading?
08/11/00 02:43:09 PMby Jayanthi Gopalakrishnan
The Nasdaq composite has been trading sideways ever since its sharp drop in April. A question dwelling on most minds is "When is the Nasdaq going to resume its upward trend?"
Position: N/A
| It is difficult to identify clear-cut support and resistance levels on the Nasdaq composite at this point. After struggling with it for a while I was able to see the support and resistance levels using Gann lines. On the chart below I applied Gann lines from a prominent top on 3/10/00 to prominent bottom on 5/25/00. The lines you see on the chart are the support and resistance levels. At present, the Nasdaq composite is hovering between lines 3 and 4. If prices fall below line 3 for more than two consecutive days they are likely to fall to line 2. If they penetrate above line 4 they are likely to go as far as line 5. |
| I wouldn't be surprised to see the Nasdaq continue moving between lines 3 and 4 for some time. However, to avoid being caught by any surprises, I am presently using these Gann lines to monitor Nasdaq activity. |
|
| Gann lines show various support and resistance levels. Here you see them being applied to the Nasdaq composite. |
| Graphic provided by: Tradecast Securities, Inc.. |
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Comments
Date: / /Rank: 4Comment:
Date: / /Rank: Comment: this is charing light, it s worth adding more material otherwise it is just too thin ....
Date: 02/03/01Rank: 1Comment:
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