Nasdaq Analysis: Wrapping Up 2024 with Precision 24.12.31
Hello, this is Greedy All-Day.
Today's analysis focuses on the Nasdaq.
Results from Monday's Briefing
Let’s start by reviewing the results of Monday's briefing.
Buy Scenario: Breakout above the resistance trendline.
Sell Scenario: Breakdown below the upward trendline.
The buy scenario did not activate as the entry level was not reached.
In the sell scenario, the price broke below the upward trendline and dropped to approximately 343 points lower.
For a single contract, this move offered a profit of about $6,800, providing a solid opportunity for gains.
Today's Analysis
Daily Chart Overview
If a rebound occurs, the price might bounce up to the 20-day moving average on the daily chart.
However, instead of focusing on the rebound potential, it’s more important to analyze how much further the downside could extend.
As of now:
The 60-day moving average on the daily chart aligns near yesterday’s support zone at 21,253.
This moving average could serve as short-term support.
If this support fails:
The price could drop to the recent low of 21,006, recorded on December 20, 2024.
The red box marks a key level. If this zone breaks, the price could enter the cloud zone, fully entering the green box supply zone on the left. This could further open the possibility of a decline to the lower boundary of the green box.
Buy Scenario
Today's buy scenario presents two potential entry points:
Entry 1: Breakout above the high supply zone from the Asian session + Breakout above 21,476.75.
Target: Maximum 21,571.
Entry 2: Breakout above 21,571 + Breakout above the yellow resistance trendline, located in the green box.
Target 1: 21,666.
Target 2: 21,739.
Target 3: Maximum to the orange box.
Targets 1 and 2 are based on the premise that the price has entered the white supply zone on the left.
Sell Scenario
For the sell scenario, the entry will not rely on the trendline break due to its shallow slope. Even if the trendline breaks, a retest bounce from yesterday's low of 21,253 is likely.
Thus, the sell entry point will be upon a breakdown below the green box, which marks yesterday’s low of 21,253.
Target 1: 21,204 (red box).
The first target is relatively small because the past data shows a bounce from the orange box supply zone on the left.
Target 2: 21,006, the low recorded on December 20, 2024.
Conclusion
Let’s finish 2024 strong! Since January 1 is a holiday, I’ll return with the next briefing on January 2.
Happy New Year in advance, and see you soon!
Today's analysis focuses on the Nasdaq.
Results from Monday's Briefing
Let’s start by reviewing the results of Monday's briefing.
Buy Scenario: Breakout above the resistance trendline.
Sell Scenario: Breakdown below the upward trendline.
The buy scenario did not activate as the entry level was not reached.
In the sell scenario, the price broke below the upward trendline and dropped to approximately 343 points lower.
For a single contract, this move offered a profit of about $6,800, providing a solid opportunity for gains.
Today's Analysis
Daily Chart Overview
If a rebound occurs, the price might bounce up to the 20-day moving average on the daily chart.
However, instead of focusing on the rebound potential, it’s more important to analyze how much further the downside could extend.
As of now:
The 60-day moving average on the daily chart aligns near yesterday’s support zone at 21,253.
This moving average could serve as short-term support.
If this support fails:
The price could drop to the recent low of 21,006, recorded on December 20, 2024.
The red box marks a key level. If this zone breaks, the price could enter the cloud zone, fully entering the green box supply zone on the left. This could further open the possibility of a decline to the lower boundary of the green box.
Buy Scenario
Today's buy scenario presents two potential entry points:
Entry 1: Breakout above the high supply zone from the Asian session + Breakout above 21,476.75.
Target: Maximum 21,571.
Entry 2: Breakout above 21,571 + Breakout above the yellow resistance trendline, located in the green box.
Target 1: 21,666.
Target 2: 21,739.
Target 3: Maximum to the orange box.
Targets 1 and 2 are based on the premise that the price has entered the white supply zone on the left.
Sell Scenario
For the sell scenario, the entry will not rely on the trendline break due to its shallow slope. Even if the trendline breaks, a retest bounce from yesterday's low of 21,253 is likely.
Thus, the sell entry point will be upon a breakdown below the green box, which marks yesterday’s low of 21,253.
Target 1: 21,204 (red box).
The first target is relatively small because the past data shows a bounce from the orange box supply zone on the left.
Target 2: 21,006, the low recorded on December 20, 2024.
Conclusion
Let’s finish 2024 strong! Since January 1 is a holiday, I’ll return with the next briefing on January 2.
Happy New Year in advance, and see you soon!
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.
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.