Wednesday, March 17, 2010 at 01:19PM | Asher Pinto
The Nasdaq-100 formed a bull flag in the first week or March and broke out of that flag later that week. The flagpole had measured 80 points. Projecting that distance from the breakout point of 1860, a target of 1940 was derived.
Nasdaq-100 Bull Flag
The target of 1940 has been met today, just two weeks later. Now, with the index showing overbought levels on the momentum indicators and showing other signs of resistance (see commentary pieces in Members Area for more on the topic), the big question now is whether a top is nigh or higher levels are forthcoming...
Nasdaq-100 Bull Flag Target Accomplished
The Nasdaq-100 formed a bull flag in the first week or March and broke out of that flag later that week. The flagpole had measured 80 points. Projecting that distance from the breakout point of 1860, a target of 1940 was derived.
The target of 1940 has been met today, just two weeks later. Now, with the index showing overbought levels on the momentum indicators and showing other signs of resistance (see commentary pieces in Members Area for more on the topic), the big question now is whether a top is nigh or higher levels are forthcoming...