Courtesy of Chris Kimble.
CLICK ON CHART TO ENLARGE
The left chart looks at the Nasdaq Composite index over the past 20-years.
Currently the index is back at the same price as it was back at the Dot Com highs. With the trend being up (above support and moving averages) the NAS, is attempting a “continuation of trend breakout” at this time. Should the index achieve a breakout above the 2000 levels, it would be viewed as a bullish continuation event.
The right chart looks at Apple over the past 5-years. For the past 6-months, Apple has struggled to get above the $133 level. From a very short-term perspective a short-term support line could be giving way, of a bearish rising wedge.
With Apple being the largest company in the world, it can have a large influence over the NAS index. What Apple does from here on a short-term basis, could have a good deal to do with the NAS breaking above 2000 highs or not!
–
To become a member of Kimble Charting Solutions, click here.
