2024-09-24 Nasdaq / Nas100
Hello, this is ViViD. Here is today’s Nasdaq analysis.
This is the daily Nasdaq chart. As I mentioned in yesterday’s analysis, for further upward movement to happen, the price needs to break above the resistance level of the supply zone. This would allow for potential entry from a buying perspective. However, the price movement has been sideways due to the supply zone's resistance, which hasn't yet determined a clear direction.
As we can see in the daily chart, the current pattern shows a pennant pattern, which could indicate a consolidation to the right before a potential continuation of the upward trend. On the contrary, it could also signify a peak, leading to a decline after breaking below the support level.
In the Asian session, we observed a break of the upward trend line. You can see the breakdown in the blue box. However, the rebound zone after the break is noteworthy. The white trend line indicates that the price is making slightly higher lows, establishing a form of support.
Thus, Nasdaq seems to be defending this zone. The key to focus on is whether the white short-term support line holds. The main takeaway is that while the trend is making higher lows and defending the price, the most critical point for a selling perspective is the break below the white support line at the lowest level of 20016.25.
Now, for a buying perspective: The optimal entry point seems to be when the price breaks above the blue box zone, which corresponds to breaking both the price level and the resistance trend line. The reason 20127 is significant is that the white box shows two instances of resistance at this level, making a breakout here critical.
Once the price breaks through, the targets would be at 20164, 20204, and 20264, with additional resistances along the way. However, this breakout could signal the pennant pattern's upward continuation, stabilizing the long-term trend for further upward momentum.
Today, we have the CB Consumer Confidence data, so be cautious of any sharp market changes after the announcement. I hope you have a profitable day!
- ViViD -
This is the daily Nasdaq chart. As I mentioned in yesterday’s analysis, for further upward movement to happen, the price needs to break above the resistance level of the supply zone. This would allow for potential entry from a buying perspective. However, the price movement has been sideways due to the supply zone's resistance, which hasn't yet determined a clear direction.
As we can see in the daily chart, the current pattern shows a pennant pattern, which could indicate a consolidation to the right before a potential continuation of the upward trend. On the contrary, it could also signify a peak, leading to a decline after breaking below the support level.
In the Asian session, we observed a break of the upward trend line. You can see the breakdown in the blue box. However, the rebound zone after the break is noteworthy. The white trend line indicates that the price is making slightly higher lows, establishing a form of support.
Thus, Nasdaq seems to be defending this zone. The key to focus on is whether the white short-term support line holds. The main takeaway is that while the trend is making higher lows and defending the price, the most critical point for a selling perspective is the break below the white support line at the lowest level of 20016.25.
Now, for a buying perspective: The optimal entry point seems to be when the price breaks above the blue box zone, which corresponds to breaking both the price level and the resistance trend line. The reason 20127 is significant is that the white box shows two instances of resistance at this level, making a breakout here critical.
Once the price breaks through, the targets would be at 20164, 20204, and 20264, with additional resistances along the way. However, this breakout could signal the pennant pattern's upward continuation, stabilizing the long-term trend for further upward momentum.
Today, we have the CB Consumer Confidence data, so be cautious of any sharp market changes after the announcement. I hope you have a profitable day!
- ViViD -
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