Market Analysis – July 23
The Nasdaq 100 market experienced a significant retracement, transforming into a bearish breakout on the daily chart. The price has descended to challenge the demand zone at 19450.0.
Nasdaq Key Levels:
Demand Levels: 19450.0, 18618.0, 18182.0
Supply Levels: 20176.0, 20783.0, 25000.0
Nasdaq Long-term Trend: Bullish
On July 11, the Nasdaq price rebounded from a small bullish order block, causing a temporary pause in the price decline. However, a few days later, the price sank further, breaking through the support border of the upward channel.
The Relative Strength Index (RSI) indicated weakness just before the bearish breakout. While the price action posted a higher high on the daily chart, the RSI created a lower high, showing a divergence. Subsequently, the price declined below the Moving Averages (Periods 9 and 21).
Nasdaq Short-term Trend: Bearish
The recent price decline has dipped into the demand zone at 19450.0, characterized by a bullish order block. The lower timeframe trend is bearish due to the higher timeframe retracement. However, the price action in the demand zone on the lower timeframe suggests a potential reversal, indicating that buyers may prevent a complete shift in market structure on the higher timeframe. A confirmed Change of Character (ChoCh) is expected to provide long opportunities with a high risk-to-reward ratio. A push below 19450 would indicate a change in market direction, even on the daily chart, as the low of the demand zone sustains the bullish trend. Traders should watch for forex signals to confirm the potential reversal or continuation of the bearish trend.
Make money without lifting your fingers: Start using a world-class auto trading solution
How To Buy Lucky Block
Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset, product, or event. We are not responsible for your investment results.
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
Learn to Trade
Never Miss A Trade Again
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
Get Alerts
Immediate alerts to your email and mobile phone.
Entry Price Levels
Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.