Nasdaq (NDX) is extending the bullish trend inside the short-term Channel Up as mentioned on are recent idea two weeks ago (see below):
Today the index reached a very important benchmark as it broke above the 1W MA100 (green trend-line) for the first time in more than 1 year (since the 1W candle of April 25 2022). This was a critical Resistance as it rejected the uptrend back on the week of August 15 2022. With the 1D MA50 (blue trend-line) supporting and the Channel Up that started in December intact, we see a Resistance test of the 13730 High as inevitable, so there is your short-term target if you are looking for one.
On the longer term, since the February 02 Higher Highs trend-line broke, the Channel Up can target the November 15 2022 Higher Highs trend-line. A typical +11% rally within this Channel Up can easily target this trend-line, so now we are setting a 14100 long-term target on Nasdaq. Especially if the 1D RSI breaks above its own Lower Highs trend-line.
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Today the index reached a very important benchmark as it broke above the 1W MA100 (green trend-line) for the first time in more than 1 year (since the 1W candle of April 25 2022). This was a critical Resistance as it rejected the uptrend back on the week of August 15 2022. With the 1D MA50 (blue trend-line) supporting and the Channel Up that started in December intact, we see a Resistance test of the 13730 High as inevitable, so there is your short-term target if you are looking for one.
On the longer term, since the February 02 Higher Highs trend-line broke, the Channel Up can target the November 15 2022 Higher Highs trend-line. A typical +11% rally within this Channel Up can easily target this trend-line, so now we are setting a 14100 long-term target on Nasdaq. Especially if the 1D RSI breaks above its own Lower Highs trend-line.
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** Please LIKE ๐, FOLLOW โ , SHARE ๐ and COMMENT โ if you enjoy this idea! Also share your ideas and charts in the comments section below! **
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๐คตContact info@tradingshot.com t.me/tradingshot
๐ฅNew service: next X100 crypto GEMS!