Technical analysis update: NQ1! (5th November 2021)Exactly month ago when NQ1! traded around 14 500 USD we correctly predicted reversal in trend from bearish to bullish. Since then NQ1! climbed over 13% just within 31 days. Today Nasdaq reached new all time highof 16 431 USD. We continue to be bullish on Nasdaq in medium-term and long-term. However, in short-term Nasdaq reached overbought condition and we think investors should be very cautious as such periods are often followed by profit taking and subsequent drop in price.
Our last idea from 5th October 2021:
Technical analysis - daily timeframe
RSI is overbought. MACD and Stochastic are all bullish. ADX is highly elevated which suggests that current trend is near its peak. DM+ and DM- are still bullish. We will observe RSI for reversal and possible crossover below 70 points. We expect such occurence to be accompanied by correction in price.
Support and resistance
Support 1 sits at 15 708 USD and Support 2 lies at 14 445 USD.
Disclaimer: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as basis for taking any trade action by individual investor. Your own due dilligence is highly advised before entering trade.
