NASDAQ The weekly charts tells you what you need to know
Nasdaq / US100 is approaching today Resistance A (15280), which is the High of March 2022.
The pace of the rally since the start of the year has been so strong, in fact since the week of April 24th the index has posted only green weekly candles (8 today), that the 1week RSI reached a level (76.75) it last hit almost 2 years ago (on August 24th 2020).
In the last 6 years, every time the 1week RSI hit that level, Nasdaq made a top and corrected either immediately or in a few weeks.
On all those times, there was a clear Support Zone for the RSI to place your buys (47.90 - 52.90).
Also on all cases the price corrected to at least the 1day MA50.
This isn't primarily an invitation to sell what is obviously a bullish trend but rather take some profit of the index (or shares) in order to lay off some risk and enter again at a better price as suggested by the 1week RSI and the 1day MA50.
Our long term target is the 16840 All Time High (Resistance B) by December.
Previous chart:
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The pace of the rally since the start of the year has been so strong, in fact since the week of April 24th the index has posted only green weekly candles (8 today), that the 1week RSI reached a level (76.75) it last hit almost 2 years ago (on August 24th 2020).
In the last 6 years, every time the 1week RSI hit that level, Nasdaq made a top and corrected either immediately or in a few weeks.
On all those times, there was a clear Support Zone for the RSI to place your buys (47.90 - 52.90).
Also on all cases the price corrected to at least the 1day MA50.
This isn't primarily an invitation to sell what is obviously a bullish trend but rather take some profit of the index (or shares) in order to lay off some risk and enter again at a better price as suggested by the 1week RSI and the 1day MA50.
Our long term target is the 16840 All Time High (Resistance B) by December.
Previous chart:
Follow us, like the idea and leave a comment below!!
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