Forecast price: 7821
Forecast pips: 100
Pattern: Support & Resistance
Interval: 240 min
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On a Daily time frame we still have a potential downtrend, If the price is sustained above 7695.90 indicating buyers power the overall trend might change targeting 7970.00. Bearish outlook; if the price action breaks below 7695.90 will get a continuation.
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Potential reversal, Nasdaq is likely to turn around and begin a new trend. On a DAILY time frame, we have double-tops/Bottoms reversal pattern as the price have hit the resistance level two times.
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Head-and-shoulders tops are reversal patterns that form as the price hits a resistance level (forming the first shoulder), then breaks through the first resistance level and hits a higher resistance level (forming the head), and then hits the first resistance level again (forming the second shoulder).