NASDAQ

We last spoke about the NDXm price action on March. In that post we explained how price plummeted before finding support at level 12818.0 .Our analysts also predicted that if price closed above level 13123.8 we could see price trade bullish. The link below is the previous post in which we spoke about.(https://fxsits.com/ndxm-finds-support-at-important-level/)

NDXm H4 Chart 9 April 2021
Nasdaq H4 Chart 9 April 2021

Well, fast forward today you may see price trade at level 13743.8 which is a few points away from its all time high. The question we ask in todays post is whether the NDXm price will find resistance at level 13902.9. Or will Buyers continue pushing the market higher to new levels. Looking at the charts you may notice that on the daily time frame we had price close as an engulfing bullish candle. We believe that this is may be a positive sign for buyers. Our true confirmation may come today from the daily close. Possibilities are we may see the daily candle close above the all time high.

If price does happen to find resistance at its all time high we could see a pullback from the current bullish movement. To where that is the question? in the chart we have a few levels marked out. Levels 13123.8 and 12818.0 have proved to be stronger SR levels as price has hovered around these levels before breaking past them.

NDXm Daily Chart 9 April 2021
Nasdaq Daily Chart 9 April 2021

It is at these level where price could possibly trade to if the higher high is not broken. One of them could be a support point in which bullish buyers could wait in order to get a cheaper entry.

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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