NDX: These are the key points for the short/mid-term!
Hello traders and investors! Let’s see how the NDX is doing today!
The last island reversal pattern crushed the tech index, but right now, we have some new patterns. The 13,430 is a pivot point in the 1h chart, and the index is showing some strength, as it is doing higher lows, which are all connected by the purple trendline.
This gives us the idea of an Ascending Triangle pattern, but just an idea, as we lack more tests of a resistance level. If it loses the purple line, it’ll probably seek the 13,175 area next, and it would ruin the momentum completely. In addition, we would see more sideways/erratic movements next.
If the index defeats the pivot point, then the momentum will get stronger, and the 13,800 is the next target. The gaps would help to push the prices up.
The problem is the 21 ema in the daily chart, which is now pointing down, and it can work as a resistance. It is worth noticing that the 13.7 – 13.8k worked as support and resistance in the past, and it surely has its importance.
Let’s see which side NDX will breakout! And if you liked this analysis, remember to follow me to keep in touch, and support this idea if it helped you!
Thank you very much!
The last island reversal pattern crushed the tech index, but right now, we have some new patterns. The 13,430 is a pivot point in the 1h chart, and the index is showing some strength, as it is doing higher lows, which are all connected by the purple trendline.
This gives us the idea of an Ascending Triangle pattern, but just an idea, as we lack more tests of a resistance level. If it loses the purple line, it’ll probably seek the 13,175 area next, and it would ruin the momentum completely. In addition, we would see more sideways/erratic movements next.
If the index defeats the pivot point, then the momentum will get stronger, and the 13,800 is the next target. The gaps would help to push the prices up.
The problem is the 21 ema in the daily chart, which is now pointing down, and it can work as a resistance. It is worth noticing that the 13.7 – 13.8k worked as support and resistance in the past, and it surely has its importance.
Let’s see which side NDX will breakout! And if you liked this analysis, remember to follow me to keep in touch, and support this idea if it helped you!
Thank you very much!
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