We spoke about the Nasdaq on the 8 of October . In that post we mentioned the likely hood of price moving bullish. In that post price traded at level 11581.3 .Since then, the Nasdaq price action moved as high as level 12 263.6 from the time we sent out the previous analysis. which move alone was about 7000 points.
Looking at the chart you will notice that since that strong bullish movement price has now pulled back to regain momentum before possibly thrusting bullish again. A question we ask our selves is whether price will reach and move past its all time high set at level 12482.0 .Our analysts believe that price might find resistance at level 12482.0 .If the nasdaq price does move past the higher high we should be weary that it is not a “fakey” or false breakout.
For now trading this pair at this stage could be risky for long term traders. However, we shouldn’t be blinded by the fact that there are opportunities to scalp from. .Depending on the when you make an entry. You can hold the pair until it moves to the higher high and get out to see how price will react at that level.
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.