After a three week correction from 15,824 to 14,554, NASDAQ is showing signs of resuming its medium-term bullish trend. Despite the pull back, NASDAQ has respected the channel boundaries. The index continues to trade inside the bullish channel it was in since September of 2022. So far the second weekly bullish candlestick we are currently in, is a solid candlestick that has broken above the previous weekly high. Support is found at last week’s low at 14,554. This is also where we find the lower channel boundary. As long as price is above this level, medium-term trend remains bullish.
The material has been provided by InstaForex Company – www.instaforex.com
Red lines- bullish channel
After a three week correction from 15,824 to 14,554, NASDAQ is showing signs of resuming its medium-term bullish trend. Despite the pull back, NASDAQ has respected the channel boundaries. The index continues to trade inside the bullish channel it was in since September of 2022. So far the second weekly bullish candlestick we are currently in, is a solid candlestick that has broken above the previous weekly high. Support is found at last week’s low at 14,554. This is also where we find the lower channel boundary. As long as price is above this level, medium-term trend remains bullish.
The material has been provided by InstaForex Company – www.instaforex.com
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