Analyzing the NASDAQ chart, $18,700 stands out as a key resistance level. We are also observing a divergence in the RSI, which often signals a potential reversal. My analysis suggests that after the price consolidates within the range of $18,570 to $18,700 for several days, we could see a downward movement towards $17,500. Following this decline, I anticipate the start of a new uptrend, targeting $19,250.
Note
My previous analysis on the NASDAQ indicated a strong resistance at $18,700; however, the sellers were not as strong as anticipated. The price reacted to the $18,700 level but did not see the expected significant decline. Given this new information, I am updating my analysis to reflect the current market conditions. It appears that the resistance at $18,700 may not be as formidable, suggesting a potential for further upward movement. Traders should monitor this level for continued bullish activity and reassess their positions accordingly.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.