Today analysis for Nasdaq, Oil, and GoldNASDAQ
The NASDAQ closed early due to the U.S. market holiday, and yesterday’s and today’s daily candles will merge into one. As anticipated, the U.S. market showed an upward trend, but it is likely to exhibit sideways or downward movement during the pre-market and regular trading sessions today.
While the daily chart has generated a buy signal, confirmation will only occur if today’s candle closes as a bullish one. With significant resistance levels overhead, the market needs a strong bullish candle to widen the gap between the MACD and signal line. Failure to generate such a rally may lead to repeated resistance at the upper levels and increase the likelihood of a downturn.
On the 240-minute chart, no sell signal has been generated yet, but the market appears to be absorbing overhead supply. If a MACD dead cross emerges, the buy signal on the daily chart may fade, potentially reversing the trend to bearish. Avoid chasing prices and refer to yesterday’s detailed pre-market analysis for further context.
CRUDE OIL
Crude oil closed lower, correcting down to the 10-day moving average. After a brief consolidation at the $76 support, it declined further. The $74–$75 range serves as a critical support level and aligns with the 5-day moving average on the weekly chart. Buying on dips within this range is favorable. However, it is advisable to enter at lower levels, as rebound risks make shorting less viable.
On the 240-minute chart, the MACD is falling towards the zero line, steepening its angle against the signal line. Even if oil rebounds from key support levels, it may face further selling pressure, as a MACD golden cross appears unlikely. Since yesterday’s expected downtrend materialized, today’s strategy should focus on cautious dip-buying at lower levels.
GOLD
Gold closed lower, finding support near the 5-day moving average as anticipated in yesterday’s analysis. The strong pullback to the 5-day moving average provides a reasonable entry point for buying on dips. However, the weekly chart indicates potential for further downside, suggesting short-term positions to manage risk effectively.
On the 240-minute chart, a sell signal has emerged as a head-and-shoulders pattern broke its neckline. A further drop below 2730 could lead to additional downside toward the 2718 support level, where dip-buying may be considered. The MACD and signal line remain significantly below the zero line on the 240-minute chart, increasing the likelihood of a rebound at key support levels.
Avoid aggressive short-selling and note that the broader trend remains bullish, as gold's daily chart exhibits strong buying momentum. Focus on buying near major support levels during pullbacks for a favorable risk-to-reward ratio. Manage your risk carefully and best of luck with your trades today.
■Trading Strategies for Today
NASDAQ - Range-bound Market
-Buy: 21660 / 21620 / 21570 / 21510 / 21480 / 21350
-Sell: 21780 / 21880 / 21940 / 22005
Crude Oil - Bullish Market
-Buy: 75.70 / 74.95 / 74.50
-Sell: 77.50 / 77.85 / 78.25 / 78.65 / 79.10
Gold - Bullish Market
-Buy: 2726 / 2716 / 2708 / 2700
-Sell: 2738 / 2747 / 2753 / 2758
These strategies apply only during pre-market hours. Profit-taking and stop-loss levels are as follows: Nasdaq: 15 points, Oil and Gold: 20 ticks.
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