The Nasdaq did a double top pattern today, and a strong RSI divergence, and this made the index drop again to the 13,600, the base of the range it is in.
Now, thereās a chance that it will break the 13,700 for good and hit the ATH: It must break the 13,695, as this is a pivot point + 20ma resistance.
On the other hand, we have a possible bearish scenario in the 4h chart:
The 13,700 is a good resistance for the index, and today we had a pretty big candlestick that could dictate the next steps for the tech stocks.
If the index loses the 13,602, then probably itāll keep correcting, maybe to the 13,400 again.
So, we have a few points and strategies to use here, despite the complexity of the moment. This week might be boring, but I believe next week weāll see some intresting stuff around.
If you liked this trading idea, remember to click on the āFollowā button to get more trading ideas like this, and if you agree with me, click on the āAgreeā button š.
See you soon,
Melissa.
Now, thereās a chance that it will break the 13,700 for good and hit the ATH: It must break the 13,695, as this is a pivot point + 20ma resistance.
On the other hand, we have a possible bearish scenario in the 4h chart:
The 13,700 is a good resistance for the index, and today we had a pretty big candlestick that could dictate the next steps for the tech stocks.
If the index loses the 13,602, then probably itāll keep correcting, maybe to the 13,400 again.
So, we have a few points and strategies to use here, despite the complexity of the moment. This week might be boring, but I believe next week weāll see some intresting stuff around.
If you liked this trading idea, remember to click on the āFollowā button to get more trading ideas like this, and if you agree with me, click on the āAgreeā button š.
See you soon,
Melissa.
