Nasdaq
The Nasdaq closed sharply lower, rejecting resistance at the lower boundary of its previous range and dropping to the 240-day moving average. Testing the 240-day MA was an expected technical move, and after facing resistance at the 120-day MA, the index retested the 20,300–20,500 zone. This price action has formed the head of a head-and-shoulders pattern, making it crucial to watch for potential rebound attempts. However, since both the MACD and signal line have moved below the zero line, the market remains in a confirmed downtrend, making selling into rallies the preferred strategy.
As mentioned previously, if the Nasdaq finds support near the 240-day MA, a technical rebound toward the 60-day MA remains possible, as per moving average behavior. On the 240-minute chart, the index is holding support between 20,300–20,500 and still maintaining a golden cross. If the MACD avoids a bearish crossover with the signal line, the likelihood of a rebound increases, making buying near support a reasonable approach. However, the previous range low near 21,000–21,100 will likely act as strong resistance, making selling into rallies favorable. While no major economic reports are scheduled today, market volatility could increase due to comments from President Trump, so traders should maintain strict risk management.
Crude Oil
Crude oil closed lower following news that OPEC+ plans to increase production. On the daily chart, both the MACD and signal line are sloping downward, confirming a gradual downtrend. However, the $66–67 zone remains a strong support level, while the $70.50 level is the key resistance to watch. For now, trading within the range is the most effective strategy. If oil fails to stage a recovery this week, the weekly chart could confirm a sell signal, reinforcing further downside risk.
On the 240-minute chart, the MACD has formed another bearish crossover, suggesting that selling pressure is continuing. Instead of chasing shorts, traders should wait for a pullback to support near $66–67 and consider buying on dips. Given that market flows remain mixed, oil is likely to trade sideways, making range-bound trading the most effective approach for now.
Gold
Gold closed higher, finding support near previous highs. On the daily chart, the index rebounded to the 5-day moving average, and since both the MACD and signal line remain above zero, buying pressure remains intact. However, given the wide gap between the MACD and the signal line, even if gold continues higher, it may face another pullback, making chasing long positions risky. On the weekly chart, the bullish trend remains intact, but since gold is now approaching the 5-week moving average, breaking above resistance may take time.
On the 240-minute chart, a strong rebound emerged from the previous resistance zone, which aligns with the 240-day MA. The MACD has also formed a golden cross, meaning that if the uptrend continues, price targets could extend toward the 60-period MA on the 240-minute chart, potentially reaching the 2,925 area. However, since this initial move is a single-bottom formation, the market could attempt to form a double-bottom before continuing higher, making buying at lower levels more favorable. Gold could also enter a consolidation phase ahead of Friday’s Non-Farm Payroll (NFP) report, so traders should anticipate range-bound price action.
Risk management remains key, and I sincerely hope that March brings strong trading opportunities for all of you. Wishing you a successful trading day!
If you like my analysis, please follow me and give it a boost!
For additional strategies for today, check out my profile. Thank you!
The Nasdaq closed sharply lower, rejecting resistance at the lower boundary of its previous range and dropping to the 240-day moving average. Testing the 240-day MA was an expected technical move, and after facing resistance at the 120-day MA, the index retested the 20,300–20,500 zone. This price action has formed the head of a head-and-shoulders pattern, making it crucial to watch for potential rebound attempts. However, since both the MACD and signal line have moved below the zero line, the market remains in a confirmed downtrend, making selling into rallies the preferred strategy.
As mentioned previously, if the Nasdaq finds support near the 240-day MA, a technical rebound toward the 60-day MA remains possible, as per moving average behavior. On the 240-minute chart, the index is holding support between 20,300–20,500 and still maintaining a golden cross. If the MACD avoids a bearish crossover with the signal line, the likelihood of a rebound increases, making buying near support a reasonable approach. However, the previous range low near 21,000–21,100 will likely act as strong resistance, making selling into rallies favorable. While no major economic reports are scheduled today, market volatility could increase due to comments from President Trump, so traders should maintain strict risk management.
Crude Oil
Crude oil closed lower following news that OPEC+ plans to increase production. On the daily chart, both the MACD and signal line are sloping downward, confirming a gradual downtrend. However, the $66–67 zone remains a strong support level, while the $70.50 level is the key resistance to watch. For now, trading within the range is the most effective strategy. If oil fails to stage a recovery this week, the weekly chart could confirm a sell signal, reinforcing further downside risk.
On the 240-minute chart, the MACD has formed another bearish crossover, suggesting that selling pressure is continuing. Instead of chasing shorts, traders should wait for a pullback to support near $66–67 and consider buying on dips. Given that market flows remain mixed, oil is likely to trade sideways, making range-bound trading the most effective approach for now.
Gold
Gold closed higher, finding support near previous highs. On the daily chart, the index rebounded to the 5-day moving average, and since both the MACD and signal line remain above zero, buying pressure remains intact. However, given the wide gap between the MACD and the signal line, even if gold continues higher, it may face another pullback, making chasing long positions risky. On the weekly chart, the bullish trend remains intact, but since gold is now approaching the 5-week moving average, breaking above resistance may take time.
On the 240-minute chart, a strong rebound emerged from the previous resistance zone, which aligns with the 240-day MA. The MACD has also formed a golden cross, meaning that if the uptrend continues, price targets could extend toward the 60-period MA on the 240-minute chart, potentially reaching the 2,925 area. However, since this initial move is a single-bottom formation, the market could attempt to form a double-bottom before continuing higher, making buying at lower levels more favorable. Gold could also enter a consolidation phase ahead of Friday’s Non-Farm Payroll (NFP) report, so traders should anticipate range-bound price action.
Risk management remains key, and I sincerely hope that March brings strong trading opportunities for all of you. Wishing you a successful trading day!
If you like my analysis, please follow me and give it a boost!
For additional strategies for today, check out my profile. Thank you!
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📌You can earn 50 USD for free
📌Over 1,000$ → +20% deposit HUNT
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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.
✅Trade here: vigco.co/iuQbUf
📌You can earn 50 USD for free
📌Over 1,000$ → +20% deposit HUNT
📌Support Metatrader4,5
📌Inquiry : t.me/NikoChoi
✅Trade Inquiry : t.me/Futureguard
📌You can earn 50 USD for free
📌Over 1,000$ → +20% deposit HUNT
📌Support Metatrader4,5
📌Inquiry : t.me/NikoChoi
✅Trade Inquiry : t.me/Futureguard
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.