Trend Lines and Support for Nasdaq, 9/24
Trend lines drawn from 9/3 (15 days), 9/18 (5 days), yesterdays peak 9/23 (2 days) and today 9/24 (1 day).
After a whipsaw up and down, the Nasdaq ended up slightly on Thursday on higher volume. The closing range is right around 50% for the day but the second half of the day was on the downward trend.
Possibilities for Friday could be positive if the July support line holds for another day, showing less selling pressure. That would be an increase from 0.6% to 1.79%.
If that support line doesn't hold then the regressions points to a 0.85% to 2.79% drop. The challenge is that the gap between the two support lines is only represented by two days (July 1 and 2) of trading. That is not very much trading volume to hold the value above June Support. So I added a fifth possibility to drop -6.19% as a worst case.
After a whipsaw up and down, the Nasdaq ended up slightly on Thursday on higher volume. The closing range is right around 50% for the day but the second half of the day was on the downward trend.
Possibilities for Friday could be positive if the July support line holds for another day, showing less selling pressure. That would be an increase from 0.6% to 1.79%.
If that support line doesn't hold then the regressions points to a 0.85% to 2.79% drop. The challenge is that the gap between the two support lines is only represented by two days (July 1 and 2) of trading. That is not very much trading volume to hold the value above June Support. So I added a fifth possibility to drop -6.19% as a worst case.
Website: drewby.com
Twitter: twitter.com/drewrobbins
All ideas are for information purposes only. I may or may not invest in the stocks discussed. Before investing in any stock, do your research and trade using your rules.
Twitter: twitter.com/drewrobbins
All ideas are for information purposes only. I may or may not invest in the stocks discussed. Before investing in any stock, do your research and trade using your rules.
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