Nasdaq 100 Resistance Level Turns to a Support Level

Market Analysis – April 16

Nasdaq Bears have utilized resistance zones to short the market. Since the bulls took control, the break of resistance levels has changed its function to provide support for the uptrend.

Nasdaq Key Levels

Demand Levels: 12864.0, 11880.0, 10691.0
Supply Levels: 13703.0, 14282.0, 15000

Nasdaq Long-Term Trend: Bullish

The bearish trend of the Nasdaq’s market was initiated when the Stochastic was overbought at the resistance of the Bollinger Band in September. The Bears filled more sell orders upon the pullback to the resistance level of 12864.0. The bullish reversal in December. The magnitude of the upthrust failed to violate the 11880.0 resistance zone.
The buyer’s second attempt was successful. The Buyers scaled through the 11880.0 resistance level. Upon the resistance experienced at 12864.0, the market retraced to gain bullish momentum at 11880.0. The previous resistance level served as a support to launch above 12864.0

Nasdaq Short-Term Trend: Bullish

A pullback to the previous resistance level of 12864 has been notified. The market is playing a repeated pattern of resistance turning to support. The price is expected to soar to the next resistance level of 13703.0.

You can purchase Lucky Block here.  Buy LBLOCK

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.