Entry Level for a Long Trade
Will NASDAQ move higher and reach 4850? Why not? We have up trend on the daily chart and we can try to make some profit. Price touched MA50 and a bullish candle gives us a signal of possible price reversal. MACD gives a signal for opening long trades. Entry level is above the high of the signal candle. Stop should be placed below the swing low. Profit target can be the possible reversal level 4850. Don't forget that this market is overbought and if price does not move above 4835, it will be better to close the trade.
Note
Price moved lower and we'll need a new entry level.
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