Nasdaq Weekly Update
Updated
Nasdaq price recently broken uptrend line (yellow line) and resistance zone (green zone). This could indicate beggining of the market recovery, but for this we need more confirmation. Price is currently above EMA200 and staying above is crucial for bulls. Another important level to watch is green zone which could now become support zone and if the price manage to stay above it then it could attack next resistance at 12698 (red dashed line).
In the case of retracement which easily could happen I am expecting reaction at red zone where price could easily find new support at smaller time frames. Below that support zone there is another support zone (yellow zone) and new uptrend line (red line).
This is not financial advice and I am not a financial advisor. It is important to do your own research and make your own opinion before getting into any trades or financial investments. You are responsible for all your trades and all win and lose results, so manage your risk according to your financial situation. Don't invest money which you are not ready to lose.
In the case of retracement which easily could happen I am expecting reaction at red zone where price could easily find new support at smaller time frames. Below that support zone there is another support zone (yellow zone) and new uptrend line (red line).
This is not financial advice and I am not a financial advisor. It is important to do your own research and make your own opinion before getting into any trades or financial investments. You are responsible for all your trades and all win and lose results, so manage your risk according to your financial situation. Don't invest money which you are not ready to lose.
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We saw strong bullish impulse in Nasdaq price. Like I mentioned before, red dashed line could be resistance and closing above it would be very bullish. On the other hand some retracement or accumulation would be good for Nasdaq price. Green dashed line or green zone could be that points of accumulation. In case of bigger retracement we are likely going to see testing of the red zone or broken downtrend line (yellow line).
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