📈 Technical Analysis Overview
1. Breakout from Downtrend Channel
The price has clearly broken out of a descending channel, confirmed by a clean breakout above the upper trendline.
This is a bullish signal, indicating the end of the prior downtrend and the start of a possible uptrend or reversal.
2. Moving Averages (EMA 50 & EMA 200)
EMA 50 (Red): 18,965
EMA 200 (Blue): 19,409
Price is currently trading above both EMAs, which is another strong bullish indicator.
A bullish crossover (where EMA 50 crosses above EMA 200) is likely imminent if upward momentum continues—this would form a Golden Cross, further confirming bullish sentiment.
3. Structure and Market Behavior
After the breakout, price retested the breakout zone and showed a bounce, forming a higher low, which is characteristic of a bullish structure.
The chart includes projected price action with higher highs and higher lows—suggesting a bullish continuation pattern.
4. Volume & Momentum (Not shown but implied)
Breakouts are typically validated by volume. Although volume is not shown, the sharp upward movement and breakout above resistance suggest strong buying pressure.
🔍 Key Levels to Watch
Resistance: 20,000 psychological level; above that, 20,500–21,000 may act as resistance.
Support: 19,400 (near EMA 200), and 18,965 (EMA 50); a break below may invalidate the bullish setup.
📊 Conclusion
The chart shows a clear breakout from a descending channel, supported by the price moving above both key EMAs. The structure favors bullish continuation, especially if price holds above the 19,400–19,500 support zone. Upside targets lie around 20,500 to 21,000.
1. Breakout from Downtrend Channel
The price has clearly broken out of a descending channel, confirmed by a clean breakout above the upper trendline.
This is a bullish signal, indicating the end of the prior downtrend and the start of a possible uptrend or reversal.
2. Moving Averages (EMA 50 & EMA 200)
EMA 50 (Red): 18,965
EMA 200 (Blue): 19,409
Price is currently trading above both EMAs, which is another strong bullish indicator.
A bullish crossover (where EMA 50 crosses above EMA 200) is likely imminent if upward momentum continues—this would form a Golden Cross, further confirming bullish sentiment.
3. Structure and Market Behavior
After the breakout, price retested the breakout zone and showed a bounce, forming a higher low, which is characteristic of a bullish structure.
The chart includes projected price action with higher highs and higher lows—suggesting a bullish continuation pattern.
4. Volume & Momentum (Not shown but implied)
Breakouts are typically validated by volume. Although volume is not shown, the sharp upward movement and breakout above resistance suggest strong buying pressure.
🔍 Key Levels to Watch
Resistance: 20,000 psychological level; above that, 20,500–21,000 may act as resistance.
Support: 19,400 (near EMA 200), and 18,965 (EMA 50); a break below may invalidate the bullish setup.
📊 Conclusion
The chart shows a clear breakout from a descending channel, supported by the price moving above both key EMAs. The structure favors bullish continuation, especially if price holds above the 19,400–19,500 support zone. Upside targets lie around 20,500 to 21,000.
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📊 NASDAQ Update
The breakout from the descending channel played out exactly as anticipated—price has now reached the 20,000 level. Holding above the 200 EMA and pushing past resistance confirms strong bullish momentum.
Now, the key will be whether bulls can sustain this level and build a base for a move toward 20,500–21,000, or if we see a pullback and retest of support near 19,400.
⚠️ Stay alert for volatility around this psychological zone.
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JOIN MY TELEGRAM CHANNEL
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JOIN MY RECOMMENTED BROKER REFFREL LINK
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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.