Technical analysis update: NQ1! (5th October 2021)
Updated
Nasdaq futures plunged more than 8.50% from its all time high almost month ago. We think Nasdaq nears bottom and we are turning bullish on it. We think current price is very attractive for positioning of long trade. Because of that we would like to set new medium-term price target to 15 000 USD.
Technical analysis
Stochastic oscillates in bearish area. MACD is also bearish. RSI reversed from oversold condition and seems to be flattening. ADX peaks which suggest that prevailing trend nears its end. We will observe MACD and Stochastic in following two weeks and we will look for signs of reversal to the upside which would further bolster bullish case for NQ1!.
Support and resistance
Short-term support sits at 14 445 USD while short-term resistance lies at 14 835 USD. Major resistance sits at all time high near 15 708 USD.
Disclaimer: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
Technical analysis
Stochastic oscillates in bearish area. MACD is also bearish. RSI reversed from oversold condition and seems to be flattening. ADX peaks which suggest that prevailing trend nears its end. We will observe MACD and Stochastic in following two weeks and we will look for signs of reversal to the upside which would further bolster bullish case for NQ1!.
Support and resistance
Short-term support sits at 14 445 USD while short-term resistance lies at 14 835 USD. Major resistance sits at all time high near 15 708 USD.
Disclaimer: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
Trade active
Nasdaq futures closed slightly below short-term resistance. We will look for breakout above this price level in the following trading sessions.Trade closed: target reached
Related publications
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.