Nasdaq has made a beautiful recovery since its plummet a few weeks back due to the Corona virus pandemic. It is currently trading a near 9481.0 price region.
Consider this price level a very sensitive area because Nas100 is about to test its previous high of 9757.0 in the coming weeks.
My current analysis is based on the H4 timeframe. There are two outcomes from the above trade and i will be looking closely to see which direction to trade
-Buy: i am looking to buy the index when a break to the upside through its current resistance (green line) bare in mind a minor correction may occur but a strong continuation is what i am counting on. My entries will occur from the smaller timeframes which hint the start of good long term buying opportunity with a take profit of 9757.0 previous
daily resistance.
-Sell: i will be looking to sell if Nasdaq fails to break its current resistance and a possible reversal candle is formed on the H4 . I will be looking for selling opportunities on lower timeframes .I will then trade the channel until the index chooses a definite direction. Take profit will be the channels support line (in red). Please factor in a bearish flag close to the orange pl. It could be a bearish continuation or a fake bearish move and a start of a very strong bull structure.
Consider this price level a very sensitive area because Nas100 is about to test its previous high of 9757.0 in the coming weeks.
My current analysis is based on the H4 timeframe. There are two outcomes from the above trade and i will be looking closely to see which direction to trade
-Buy: i am looking to buy the index when a break to the upside through its current resistance (green line) bare in mind a minor correction may occur but a strong continuation is what i am counting on. My entries will occur from the smaller timeframes which hint the start of good long term buying opportunity with a take profit of 9757.0 previous
daily resistance.
-Sell: i will be looking to sell if Nasdaq fails to break its current resistance and a possible reversal candle is formed on the H4 . I will be looking for selling opportunities on lower timeframes .I will then trade the channel until the index chooses a definite direction. Take profit will be the channels support line (in red). Please factor in a bearish flag close to the orange pl. It could be a bearish continuation or a fake bearish move and a start of a very strong bull structure.