Share

Alex Ivanovic

Following (0)
Followers (1)

NASDAQ reaching the bounce zone

Alex Ivanovic

Alex Ivanovic,

Professional Equities, Forex Technical Position Trader FULL BIO

NASDAQ reaching the bounce zone
Nasdaq is in a price action defined by Pitchfork channel with Median line and possible main upside support 4730 level before the third retest of 4650 previously a break out level. Today's bearish candle could be profit taking in the beginning of the month.This could open further scope for a new wave of buying and the upside continuation if we get a bounce from here, and also a preparation of bulls for a final attack on 4900 level, which break is needed for extension into 5000.rnWe have enough evidence for a continuation of uptrend with a previous decisive break of 4675 level, now a strong support. For the invalidation of this uptrend the instrument should break 4460 on the downside. rnThe range between 4600 and 4900 level also is not excluded keeping in mind the close of March 2000 monthly pin bar, which is 4856 level. The high of that candle was 5288 which we could see retested in the later stages of this eight years uptrend.

Summary :