NAS
Drop to channel support then buyI'm looking for a break of the marked support level. I have Sell stops in place for this.
Will look at buying on a rejection of the channel support.
There are a few scenarios that could play here, including a bounce from the current support mid channel.
MACD is still showing me a sell for now.
NASDAQ Long positionYesterday the RSI indicator showed that NAS was hugely overbought with an RSI of 86
After a big pullback price corrected and the RSI dropped to 30 indicating a possible long position again
If we drop down to the 15min time frame we can see the EMA crossover also confirming our buy bias
This is enough information to have placed a long position with a decent 1:3 R:R