NASDAQ

We last reported on this pair on the 7 September 2020. In that post we spoke about the possibilities of the NASDAQ falling short and finding support at certain levels. Today we see how the pair has found support at level 11075.6 .This has happened on different occasions. Proving that this level is a strong support that we could rely on in the near future. Looking at the chart we see how the NASDAQ resumes bullish price action after this move.

Nasdaq H4 chart 8 October 2020
Nasdaq H4 chart 8 October 2020

In the daily chart we see price action fail to break past this level for weeks now. The NASDAQ price action has also formed fake bearish breakouts around that level. Thus fooling many sellers . Now with price currently trading at level 11581.3 . There are major possibilities that we could see the Nasdaq price action move towards its higher high. However we have seen how price struggles to break past level 11581.3

Nasdaq daily chart 8 October 2020
Nasdaq daily chart 8 October 2020

In the chart you will see how price has been consolidating within level 11581.3 and level 11076.6 for weeks with no signs of breaking out anytime soon. Now wonder if today will be the day we see price break past any of these levels. Our analyst believe that a bullish engulfing on the daily timeframe could serve as a very clear signal on where price is headed. Until then we are not sure NASDAQ resumes bullish until proper price action is shown.

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.

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