In this article i’m going to take a look at what’s happening with the stocks today, and in particular, on the NASDAQ – since my article a few days ago when I was feeling nervous that the price may pull back. Let’s get straight into seeing what’s happening…
Stocks Today – The NASDAQ daily timeframe
You can see above that the MACD histogram has once again turned dark green following a little pull back we saw last week. The MACD and Signal lines are opening up again, rather than moving towards a cross to the downside. Let’s take a look at what happened on the pull back, per the 30 minute timeframe:
You can see the pull back, here, on the 30 minute timeframe. The price broke the diagonal support. I was waiting to see whether this would form a new structure and start acting as a resistance, going downwards to the bottom right corner of the screen. However, the price reached a low there, and then recovered by reaching a new high once again. So as of right now, after the temporary pull back, the price has recovered to an up trending pattern once again.
I have taken a small position for now, and I may get into more positions, should the market continue to progress. I’m going to be keeping an eye, closely, on the RSI indicator, per the daily timeframe:
At the moment, the RSI is extremely high at 82.91. I’m also conscious of the pattern forming on the weekly timeframe:
The price has pushed away, strongly, from a long term diagonal trend line as you can see above. The last time it did this, it pushed up strongly – almost vertical, and then made more of a sideways bumping motion while continuing to reach higher prices. It is helpful, when considering stocks today, to understand previous patterns. This may not indicate it will repeat the same pattern, however. You should always use your own discernment or allow a professional to take care of your investments, for you.
I hope you found this article on stocks today helpful!
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