Hello Traders, welcome to this free and educational multi-timeframe technical analysis .
The Nasdaq is currently creating a massively bullish weekly double bottom and with this weeks rally already broke above the neckline of the double bottom. From a weekly perspective I am not just waiting for a retest of the neckline, which is then turned support and then I am definitely looking for the longer term continuation to the upside.
On the daily timeframe, my prediction of the last video analysis played out perfectly and this was also a very juicy trade for me personally. Now we are testing daily resistance, so I am just waiting for an opportunity to get short, to then capitalize on the short term retracement towards the downside.
Thank you for watching and I will see you tomorrow!
You can also check out my previous analysis of this asset:
Sorry, but you are totally wrong. Just look at 3 month chart And add the fundamental, and you will get only correction in huge long bear market. Today it was only one data which supposed to be positive for stock market and the market going down. why? because fundamental always stronger than technical. Good luck!
basictradingtv
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@orimichaeli, Appreciate your contribuation, thanks a lot ;)
basictradingtv
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Do you like trading indices, let me know your approach...
edetabraham
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@basictradingtv Yeahs Sir I do Thanks for sharing your analysis with us its so much appreciated
The fundamentals do not support a rally... however... due to the vast quantities of liquidity with no where else to go, the market has become one big momentum trade.
What you describe could happen.
I am short & planning to bail at 12020ish. Assuming it turns round.
If not resistance at 11800, then 11500, then 10857 and 10500.
Past 10500 lies the Apocalypse. Nothing to stop it going into complete freefall to 6663.
Just look at 3 month chart And add the fundamental, and you will get only correction in huge long bear market.
Today it was only one data which supposed to be positive for stock market and the market going down.
why? because fundamental always stronger than technical.
Good luck!