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April 06, 2006
Nasdaq Holding Breakout
What’s bearish about this picture? Nothing – zero, zilch, nada. After the Oct-Jan surge, the index formed a triangle consolidation to digest the gains. This is pretty normal stuff. The triangle breakout signals a continuation higher and the upside projection is to around 2450-2500. There is a resistance zone around 2300 that turns into support and the bulls have nothing to fear as long as this zone holds.
Posted by Arthur B. Hill at April 6, 2006 10:31 AM