MATRIX Penny Stocks

[livermore4ever]

NDX – Technical Analysis

Alright… we have a pretty strange situation, with several different indications on the chart, but all valid for short term.

First:
In the beginning of August, we had a major trading range breakdown, reason of the recent sell off, and projection NDX to 1245 mid term. The bottom of that Trading Range was 1270, and it’s the short term resistance now…

Second:
Last week, NDX broke up the descending short term resistance, also the top of it’s descending channel… Projecting the NDX to 1422 short term.

Momentum is also changing, with several divergence breakouts, including DMI, this means that’s something is changing on NDX pattern… What ?

Chart for this Analysis here:
http://globalspeculators.com/trading_futures/index.php?topic=51.0

Any way, the second projection (bullish) can have serious problems getting through the 1370 level… but… but… if it breaks out this value, I really believe on the ambitious short term target on 1422.

I’m long right now, using the 1340 level has a stop zone, and I will start using a trailing stop above 1370, having 1422 has the main target of this trade.

Any opinions on this Analysis or in this chart ?

Best regards,

Jesse Livermore
http://globalspeculators.com