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Lengthy-Time period NASDAQ Weekly Chart.
Expertise shares have been the market chief for the previous 13 years. However what leads on the way in which up, typically leads on the way in which down.
And with inflation and rising rates of interest, it’s the growth-oriented expertise sector that’s getting hit the toughest.
At the moment, we take a look at a long-term weekly chart of the .
As you possibly can see, the Nasdaq soared above its 261.8% Fibonacci extension en path to all-time highs final yr. However the multi-month decline has seen the index fall greater than 30%. Yikes!
Extra necessary is that the Nasdaq is re-testing its 261.8% Fibonacci stage, in addition to its 200-week transferring common and decrease parallel channel help from dot-com highs and preliminary lows.
Appears to me that this can be a essential stage for bulls to carry. If we see a breakdown right here, I count on promoting will speed up. Keep tuned.
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