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Shved126

NASDAQ Overbought: Signs of Sellers Starting to Pressure

Short
US 100 Cash CFD (PEPPERSTONE:NAS100)  
Shved126  
PEPPERSTONE:NAS100   US 100 Cash CFD
Trend Analysis Fundamental Analysis Chart Patterns
3
0
trendanalysis fundamental chartpattern
The NASDAQ index is currently in an overbought state, with its RSI on a 1D chart exceeding 80, signaling a potential reversal. Recent days have shown a weakening in buyer strength and an increase in seller activity. In the upcoming days, I anticipate a break below the accumulation zone of 17362-17304, followed by a retest of this zone and a decline towards the levels of 16969 or possibly 16781. While recent US economic data has been positive, suggesting a strengthening dollar, a key factor for the NASDAQ correction could be this week's earnings reports from major tech companies. Any unexpected outcomes in these reports could serve as a catalyst for the correction.
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