IXIC dominated by bulls lifting the market higher throughout the day


Nasdaq Composite Index (IXIC) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

IXIC dominated by bulls lifting the market higher throughout the day
IXIC pushes through Wednesday's high

Overview

IXIC finished Thursday at 7797.54 gaining $413.24 (5.6%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 7671.21, the index confirmed its breakout through the previous session high after trading up to $138.61 above it intraday.

Daily Candlestick Chart (IXIC as at Mar 26, 2020):

Daily technical analysis candlestick chart for Nasdaq Composite Index (IXIC) as at Mar 26, 2020

Thursday's trading range has been $347.61 (4.66%), that's slightly below the last trading month's daily average range of $405.51. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for IXIC.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, IXIC actually lost -0.45% on the following trading day.

Prices are trading close to the key technical resistance level at 7875.93 (R1).

While the market is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.

Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for Nasdaq Comp.. Out of 435 times, IXIC closed higher 58.16% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 60.46% with an average market move of 0.38%.


Market Conditions for IXIC as at Mar 26, 2020

Loading Market Conditions for IXIC (Nasdaq Composite Index)...
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