Trend Lines, Support, Resistance for 10/1
Trend lines drawn from 9/3 (20d), 9/24 bottom (6d), 9/25 (5d) and today 10/1 (1 day).
Another positive day for the Nasdaq as it continues to rally from a 9/24 bottom. Still waiting for a significant positive day (>1.25%) on higher volume to confirm the uptrend (QQQ volume shows up in my indicator, but Nasdaq volume was lower). Having passed the 11,300 resistance, that line becomes a possible support line now.
If the 5d trend continues, then it would be a 0.49% increase. The trend from the 9/24 bottom would mean a 1.62% gain.
A pullback is possible and would undermine the September support line. Moving back to the regression trend from the 9/2 top would be -3.83%. That move would also fill a gap in the current uptrend.
It seems less likely with each move up, but I'm keeping the June Support line and the possibility of a future decline to that point on the map. There are only two days (July 1 and 2) filling the gap between June support and July support. A fall below July support would be significant.
Another positive day for the Nasdaq as it continues to rally from a 9/24 bottom. Still waiting for a significant positive day (>1.25%) on higher volume to confirm the uptrend (QQQ volume shows up in my indicator, but Nasdaq volume was lower). Having passed the 11,300 resistance, that line becomes a possible support line now.
If the 5d trend continues, then it would be a 0.49% increase. The trend from the 9/24 bottom would mean a 1.62% gain.
A pullback is possible and would undermine the September support line. Moving back to the regression trend from the 9/2 top would be -3.83%. That move would also fill a gap in the current uptrend.
It seems less likely with each move up, but I'm keeping the June Support line and the possibility of a future decline to that point on the map. There are only two days (July 1 and 2) filling the gap between June support and July support. A fall below July support would be significant.
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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