25.05.29 nasdaq analysis📊
The Nasdaq has broken through its short-term resistance trendline and turned upward.
NVIDIA’s strong earnings report acted as a positive catalyst, leading to a rebound,
and the Asian session helped extend the upward momentum.
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On the daily chart, the previous high of 21,813 (Feb 25, 2024) has been broken to the upside.
The current price is within the range of the prior candle (21,652–22,245),
with the next major resistance at 21,968, which coincides with a key supply zone.
This level may trigger some short-term profit-taking.
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After the breakout, the Nasdaq is consolidating in a sideways pattern while making higher highs.
Currently, there is no clear entry point for long positions, and traders should manage risk carefully.
The upper target remains at 21,968, but the volatility during pullbacks might challenge entry holding power.
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If price breaks below 21,408, we may see downside continuation toward the lower red support zone.
Unless this level breaks, initiating short positions at current levels would be considered premature.
📌 Conclusion
After the breakout, the Nasdaq is nearing overbought territory; a cautious stance is advised.
Longs are more favorable on a pullback entry strategy.
Shorts only become valid if 21,408 is breached with strong downside momentum.
Any additional pivot zones or trade setups will be shared in future updates.
