Bullish shaven head candlestick: A 6.1% move the week of June 27
Three-Year Weekly Candlestick Chart
A short-term bounce and back to a lateral trading range? Or the start of a new uptrend?
The tall bullish shaven head candlestick is a graphical representation of the major move of 6.1% for the week of June 27, 2011: it doesn’t get much better than this for a weekly gain in a major index. The NASDAQ is in a good position for a test of major resistance of 2,880. A convincing two-day close of around 2,940, would indicate an intermediate target of 3,160.
Reference the previous candlestick chart for the NASDAQ
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Note: This technical analysis is for educational purposes so you can learn to trade online using candlestick charts. Please conduct your own chart analysis or consult your financial advisor before making investment decisions. The chart snippets are from BigCharts.com which I recommend and have used for fifteen years. The author of this article may hold long or short positions in the featured stock or index.