Nasdaq Eyes Bearish Correction After 5.6% Weekly Gain
Updated
The Nasdaq posted a strong gain of approximately 5.6% last week
Nasdaq Technical Analysis
The Nasdaq is anticipated to undergo a bearish correction today, with price action likely to consolidate between 19,210 and 19,625 until a breakout occurs.
Bullish Scenario:
For a bullish continuation, the price must break above 19,625 and close a 4-hour candle above this level, targeting further gains towards 19,820 and 20,100.
Bearish Scenario:
A downward move could see the price drop towards 19,390 and potentially test the 19,210 support. especially if closed 4h candle below 19525
Key Levels:
- Pivot Point: 19525
- Resistance Levels: 19625, 19830, 20100
- Support Levels: 19390, 19210, 18940
Expected Trading Range Today: 19210 to 19625
Trend: Bearish Correction Towards 19,210
Nasdaq Technical Analysis
The Nasdaq is anticipated to undergo a bearish correction today, with price action likely to consolidate between 19,210 and 19,625 until a breakout occurs.
Bullish Scenario:
For a bullish continuation, the price must break above 19,625 and close a 4-hour candle above this level, targeting further gains towards 19,820 and 20,100.
Bearish Scenario:
A downward move could see the price drop towards 19,390 and potentially test the 19,210 support. especially if closed 4h candle below 19525
Key Levels:
- Pivot Point: 19525
- Resistance Levels: 19625, 19830, 20100
- Support Levels: 19390, 19210, 18940
Expected Trading Range Today: 19210 to 19625
Trend: Bearish Correction Towards 19,210
Order cancelled
The direction reversed to the bullish especially if can stabilize above 19625 by closing 4h candle
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