The NASDAQ just like any other market plummeted to lows in the beginning of the pandemic. However, a lot has changed since then as it now trades towards its all time high. As the NASDAQ nears its all time high.We ask our selves this question will the pair break past its higher high? In the chart we’ve set out levels to analyse this price action.

#NDXm H4 13 August 2020
#NDXm H4 13 August 2020

In the daily or H4 you will notice that Level 11076.6 has been tested about 3 times.We see that price kept finding resistance from this level for sometime now. Today, as the NASDAQ nears the all time high trades above this level we wonder. Is an actual break or just another “Fakeout” ? In the chart you will see that price broke out the level however ended up trading within the range.

#NDXm daily 13 August 2020

Yesterday’s close proved to be a good signal for buyers as price engulfed the previous candle. At this point a lot of investors may be aiming for bullish entries. Our analyst believe that the idea of a bullish market for the Nasdaq is still alive. But price needs to break level 11076.6 which seems to be acting firm so far. There are major possibilities of price actually retracing to level 10493.7 where it could find support before properly breaking level 11076.6 For more information on where price is headed join our smart signals plan

NB: Warning Before deciding to participate in the Forex market, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consider position sizing before entering a trade and manage your risk accordingly. Please read the risk warning before deciding to trade the markets.

Follow Us

Leave a Reply

Your email address will not be published. Required fields are marked *