NDQ is still retesting resistance after we just saw an expected rally of +75%.More than a decade ago, the Nasdaq entered one of the most profitable and easy to trade patterns: a rising channel formation. In the beginning of 2023 the Nasdaq once again retested the lower support trendline in confluence with a retest of horizontal support and continued its bullrun from there. But currently resistance is ahead so we have to be quite careful and properly monitor price action on the smaller timeframes.
Levels to watch: $19.000, $16.000
Keep your long term vision,
Philip - BasicTrading
Note
Quick update on the Nasdaq:We are currently witnessing new all time highs every single week. The Nasdaq is also significantly outperforming the Dow Jones and other major indices. Maybe, we will even get another bullish breakout and parabolic move like in 2020.
Levels to watch: $20.000
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SwingTrading.Simplified.
Investing.Simplified.
#LONGTERMVISION
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.