NASDAQ is currently at the bottom of the 14-year-old channel started in 2008. This channel has acted as support several times. It could bottom here or around 10500 and start its next leg upwards. Besides the bottom of the channel, NASDAQ is supported by the 250-week ma at this level and the bullish divergence (see below). The top of this channel acted as resistance multiple times, as highlighted in the following ideas when most traders were bullish.
An alternate scenario is for NASDAQ to pierce below the channel and find support at the bottom of the pinkish downward channel around the 9000 mark before moving up - not too far away from the Feb 2020 top.
Weekly scale
PS: This analysis is just for entertainment purposes and is not a recommendation to buy or sell. Please do your own research and trade at your own risk.
An alternate scenario is for NASDAQ to pierce below the channel and find support at the bottom of the pinkish downward channel around the 9000 mark before moving up - not too far away from the Feb 2020 top.
Weekly scale
PS: This analysis is just for entertainment purposes and is not a recommendation to buy or sell. Please do your own research and trade at your own risk.
