Technical analysis on Nasdaq for November 7th, 2023.
November 7, 2023 4:23 pm
Red line- resistance
Blue lines- Fibonacci retracement levels
NASDAQ is found at a very crucial price level where bulls challenge the red downward sloping resistance trend line. The trend line provides resistance at 15,185 and a daily close above this level would be a positive sign. Price has already retraced almost 38% of the entire rise. The index has made an impressive almost vertical rise from recent low at 14,045. Short-term trend is controlled by bulls as price is making higher highs and higher lows in the 4 hour chart. The RSI is far from overbought levels, implying there is more upside potential if price continues forming higher highs and higher lows.
The material has been provided by InstaForex Company – www.instaforex.com
Red line- resistance
Blue lines- Fibonacci retracement levels
NASDAQ is found at a very crucial price level where bulls challenge the red downward sloping resistance trend line. The trend line provides resistance at 15,185 and a daily close above this level would be a positive sign. Price has already retraced almost 38% of the entire rise. The index has made an impressive almost vertical rise from recent low at 14,045. Short-term trend is controlled by bulls as price is making higher highs and higher lows in the 4 hour chart. The RSI is far from overbought levels, implying there is more upside potential if price continues forming higher highs and higher lows.
The material has been provided by InstaForex Company – www.instaforex.com
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