We last reported on the nasdaq last month on the 11th of January in that post we spoke about the possibilities of a bullish price action for the nasdaq. However price found resistance at the all time high before retracing bearish for a few days. falling to lows of as Level 12518.5 where it found support before moving bullish

Nasdaq H4 Chart 5 february 2021
NDXm H4 Chart 5 february 2021

Fast forward into today we can see how far the price has come since its retracement . In the chart you will notice price trade at level 13591.2 .This level is currently set to be our all time high. Looking at the chart you may notice the attempts price has made on two different occasions. Today’s price action is a 3rd attempt .

What we ask now , is whether price will break past this level or will it find resistance at this level. Our analysts believe that if price moves past this level this could signal bullish price action. But, be weary that chances are that the movement could be a fake breakout and possibly return into the range where price trades in between level 13591.2 and level 13360.5

Nasdaq Daily Chart 5 february 2021
NDXm Daily Chart 5 february 2021

If price breaks past this level then this could be good for buyers as they could move the markets to new highs

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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