The Nasdaq Point & Figure chart sports a clear downtrend with a bearish resistance line and a downside price objective around 1900. According to this chart, the trend will remain down until there is a break above the bearish resistance line, which is currently around 2345.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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