NASDAQ (US Tech 100) 4H Analysis – Bullish Recovery in Progress
Market Structure & Trend Analysis:
The chart shows a strong downtrend, with price breaking below a rising channel earlier this month.
However, a bullish breakout from the falling wedge is now in play, indicating a potential trend reversal or retracement.
The price is approaching the 20,250 - 20,532 resistance zone, marked by previous support-turned-resistance.
Key Levels to Watch:
Immediate resistance: 20,250 – 20,532 (previous support now acting as resistance).
Support zone: 19,921 – 19,500, where recent demand was seen.
Volume & RSI Analysis:
Volume is rising, confirming buying interest.
RSI at 64.48, showing bullish momentum but nearing overbought conditions.
Trade Considerations:
📈 Bullish Bias: If price breaks above 20,532, it could push towards 20,750+.
📉 Bearish Scenario: A rejection from resistance may lead to a pullback toward 19,921 support.
⚠️ Wait for confirmation: Either a breakout above 20,532 or a pullback for a better entry.
Market Structure & Trend Analysis:
The chart shows a strong downtrend, with price breaking below a rising channel earlier this month.
However, a bullish breakout from the falling wedge is now in play, indicating a potential trend reversal or retracement.
The price is approaching the 20,250 - 20,532 resistance zone, marked by previous support-turned-resistance.
Key Levels to Watch:
Immediate resistance: 20,250 – 20,532 (previous support now acting as resistance).
Support zone: 19,921 – 19,500, where recent demand was seen.
Volume & RSI Analysis:
Volume is rising, confirming buying interest.
RSI at 64.48, showing bullish momentum but nearing overbought conditions.
Trade Considerations:
📈 Bullish Bias: If price breaks above 20,532, it could push towards 20,750+.
📉 Bearish Scenario: A rejection from resistance may lead to a pullback toward 19,921 support.
⚠️ Wait for confirmation: Either a breakout above 20,532 or a pullback for a better entry.
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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.
Related publications
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.