Technical analysis on the Nasdaq


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The long term future for the future on the Nasdaq remains negative.

However, short-term the security may have more room for the upside.

The lower Bollinger band is at 1389 and the upper one at 1823.

Stochastics are rising and they indicate some more room for the upside, although limited. RSI on 9 days is at its highest reading since 30th Jan. The rate of change indicator on 5 days reached its highest reading since 5th June last night.

Macd is becoming quite positive.

There is a minor positive divergence on the cash market on the on-balance volume.

Conclusion. Short term chances are for a continuation of the current rally. It will be interesting to see the reaction to today’s figures, and what these figures are.

The text above does not constitute financial advice.