The stock market had a strong V-shaped recovery since the Covid-19 panic dump back in March.
The techs (Nasdaq) have been the strongest between the other major indices such as S&P or DJI. Obviously due to the nature of the businesses in the tech industry. They have been less affected by the limitations caused by the pandemic.
As you can see on the chart, NAS100 has been in a massive uptrend since the capitulation bottom back on the 23rd of March. you can identify that by the series of higher highs and higher lows. Nasdaq has managed to break above the previous all-time highs at 9750 and it is holding above that level. Breaking the all-time high can be a very good signal for the bullish continuation of the trend.
The best way to manage this trade is to let this trade run with a trailing stop loss outside of the average volatility of the asset and swing trade it until you see a major sell signal!
Good luck trading :)
Trade closed manually
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closed below the support level looks like a swing failure pattern now.
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-0.5R
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update: Trade idea was right, but the timing was off.