Wednesday, September 10, 2008

Triple bottom pattern.

Technical analysis for Nasdaq Composite ($COMPQ) shows the index creates formation "Triple Bottom". This has been formed in last 6 months. The first bottom is on March, then July and the last right now. There is not so much reliance without confirmation by other indication. Neither price nor volume indicators show strength of this formation. There is not bullish divergence with price indicators like MACD or RSI. And as you can see from the chart On Volume Balance is always lower than previous bottom.


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