The technology index has shown incredible power lately, and investors get easily confused by the whole situation. So let me express myself on NASDAQ.
Our index managed to break the Pre-Covid high kind of easily, while other indexes struggling a lot more to even touch it. When NASDAQ was close to the vital moment, we suddenly saw a huge increase in Tesla (TSLA) price, which carried the index to form new all-time highs. Recently, after a few days of continuous retests, bulls gathered enough power to break the catalyst 10000 level and even touch the psychology resistance of 10500 which was also broken and behaved as a support with its turn very successfully.
10500 level is this week's floor and everybody's main question is: will it manage to hold any more?
Next week will be probably give us the answer to this question, either with a bounce to the All-time high or with a breakout and test of the lower line of the bullish channel that our index moves in during the last weeks.
It is no less interesting to mention that the Pre-Covid high is also a 50% Fibo level of the bullish channel which also indicates a signal of a big bearish move after the break of the channel. Covid Stage II is at the rising and it will take place shortly, especially in the US. So stay tuned, because NASDAQ can be a long term heaven for the a few, but a fire burning hell for some traders as well.
There's no need for risky moves right now, as we're already in a risk-off situation. Note that down ;)
Our index managed to break the Pre-Covid high kind of easily, while other indexes struggling a lot more to even touch it. When NASDAQ was close to the vital moment, we suddenly saw a huge increase in Tesla (TSLA) price, which carried the index to form new all-time highs. Recently, after a few days of continuous retests, bulls gathered enough power to break the catalyst 10000 level and even touch the psychology resistance of 10500 which was also broken and behaved as a support with its turn very successfully.
10500 level is this week's floor and everybody's main question is: will it manage to hold any more?
Next week will be probably give us the answer to this question, either with a bounce to the All-time high or with a breakout and test of the lower line of the bullish channel that our index moves in during the last weeks.
It is no less interesting to mention that the Pre-Covid high is also a 50% Fibo level of the bullish channel which also indicates a signal of a big bearish move after the break of the channel. Covid Stage II is at the rising and it will take place shortly, especially in the US. So stay tuned, because NASDAQ can be a long term heaven for the a few, but a fire burning hell for some traders as well.
There's no need for risky moves right now, as we're already in a risk-off situation. Note that down ;)