Nasdaq has been range bound between 13000 and 12500 for the past 7 days.
Two short term resistance zones have formed 12700 and 12800.
12700 is the first level of resistance that needs to be broken for the market to push upward, price has tried multiple times and couldn't break above
After 12700, 12800 is the next resistance price tried to break it on Wednesday (1/6) and Monday (6/6)
Market can go up or down
-The bullish case
Price breaks, retests and holds 12700 and it becomes support and moves to the next resistance 12800, Mondays highs.
If the prices moves to 12800 without a retest watch for a possible pullback to 12700
-The bearish case
Price rejects 12700 and movies downwards towards 12800
And watch out for CPI on friday!
Two short term resistance zones have formed 12700 and 12800.
12700 is the first level of resistance that needs to be broken for the market to push upward, price has tried multiple times and couldn't break above
After 12700, 12800 is the next resistance price tried to break it on Wednesday (1/6) and Monday (6/6)
Market can go up or down
-The bullish case
Price breaks, retests and holds 12700 and it becomes support and moves to the next resistance 12800, Mondays highs.
If the prices moves to 12800 without a retest watch for a possible pullback to 12700
-The bearish case
Price rejects 12700 and movies downwards towards 12800
And watch out for CPI on friday!
Comment:
Price rejected 12700
Comment:
Price broke 12450 wait for retest then sell