NASDAQ:NDX NDQ analysis combining long and short term There is log and short view the amount of downstream compression is limited and if the lower levels break then we get into pre covid zones which will be a long term analysis . So for now short and long term targets given below.
Retracement of the rise from March'20 low to the peak formed in Nov'21
can be seen in the chart.
61.8% retracement tested.
Positive divergence on RSI has been created but
lagging in no way right now to confirm a possible reversal.
Swing bottom process need to happen before lagging confirms its.
Lagging has negative slopes therefore need to spend time...
As discussed in previous update, Nasdaq fell down below the BEARISH ENGULFING CANDLE and now follow through has happened as it closed below the engulfing candle low.
* Overhead Resistance zone - 12100_12210
* Next decent support zone - 10950_11050 & 200 WMA - 11158
* Below that strong support zone - 9737_9625
With this trendline break, NASDAQ has clearly shown that more upside is pending. I would not be surprised if is reach 14,500. May even test the ATH? Who knows? But definitely setup looks good for bulls