After another stealth selloff early last week, the NASDAQ Composite recovered nicely on Friday. That rally started right at its uptrend line and has carried over the weekend into Monday morning. Over the short-term, traders will want to monitor this trend line.
However, it does appear that the NASDAQ still wants to go higher in 2015.
Here are some observations to accompany the daily chart of the NASDAQ Composite:
1. The 2014 high was 4814.95 and that is now support.
2. Price was able to beak above the 2014 high in February and move up +6.33%
3. The uptrend is still intact and holding.
4. The projected longer term price target is 5356.59
NASDAQ Composite Daily Chart – Higher Price Target?
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No position in any of the mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.