NDAQ dominated by bulls lifting the market higher throughout the day


Nasdaq Inc. (NDAQ) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

NDAQ dominated by bulls lifting the market higher throughout the day
NDAQ closes higher for the 3rd day in a row
NDAQ pushes through Wednesday's high

Overview

Moving higher for the 3rd day in a row, NDAQ ended Thursday at 93.82 gaining $6.86 (7.89%), strongly outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 91.02, the share confirmed its breakout through the previous session high after trading up to $5.07 above it intraday.

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

Daily technical analysis candlestick chart for Nasdaq Inc. (NDAQ) as at Mar 26, 2020

Thursday's trading range has been $8.04 (9.13%), that's above the last trading month's daily average range of $6.88. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for NDAQ.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, NDAQ gained 4.78% on the following trading day.

Prices are trading close to the key technical resistance level at 96.37 (R1).

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

Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Nasdaq. Out of 173 times, NDAQ closed higher 55.49% 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 63.01% with an average market move of 0.85%.


Market Conditions for NDAQ as at Mar 26, 2020

Loading Market Conditions for NDAQ (Nasdaq Inc.)...
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