NASDAQ Technical Analysis

OANDA:NAS100USD   US Nas 100
The NASDAQ continues to progress in a channel within a fork structure. Nothing is bearish here.

The upper portion of the fork was re-captured in May, and price has held there ever since. Should the rising channel break, I expect the mid line of the fork to hold as support, as it has done previously. A break of that line would only imply a retest of the lower line.

We can see we are lowing momentum on the Stoch RSI , which may imply a retest of support.

This structure gives a lot of room for downside, but wherever we land, the conclusion is the same: new highs are imminent.


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