The Nasdaq Futures NQ1! 4hour chart presented here for the sole reason that the broad market is currently being led and propped up by the Technology sector.
The daily chart mapped out the boundaries for an ascending triangle and I the 4H intraday chart, we can do some micro analysis to get an idea what the rest of the week might bring.
Yesterday’s mini rally bounced off the ascending triangle support and just broke above the bear trend trailstop, as well as the 55EMA. The MACD is deep enough and crossed up, indicating that this rally may have legs to the upper end of the ascending triangle. Price and MACD are at the trend line resistance levels and pending a decisive breakout.
Short term Bullish bias here...
The daily chart mapped out the boundaries for an ascending triangle and I the 4H intraday chart, we can do some micro analysis to get an idea what the rest of the week might bring.
Yesterday’s mini rally bounced off the ascending triangle support and just broke above the bear trend trailstop, as well as the 55EMA. The MACD is deep enough and crossed up, indicating that this rally may have legs to the upper end of the ascending triangle. Price and MACD are at the trend line resistance levels and pending a decisive breakout.
Short term Bullish bias here...
