Market Analysis-May 21
Nasdaq 100 is soaring energetically during this period. Bulls have defied all short-term resistance to rally. The price is currently at its highest this Year
Nasdaq Key Levels
Demand Levels: 11675.0, 12705.0, 10665.0
Supply Levels: 13729.0 14000.0 14500.0
Nasdaq Long-Term Trend: Bullish
Since the inception of the year, Nasdaq bearish trends have been short-lived due to the daunting strength of Buyers. The institutional order flow is currently bullish. The year started with a bullish breakout when a demand level of 10665.0 was tested for the third time since October. The Stochastic revealed the readiness of Bulls as the oscillator lurked in the oversold region.
The Moving Averages (periods nine and twenty-one) also crossed at the inception of the year to signify an uptrend. The price has reached the supply level of 13729.0 as the Stochastic signals an overbought market.
Nasdaq Short-Term Trend: Bullish
All the previous resistance levels are turning support as the price of Nasdaq continues to rise. The Stochastic on the 4-hour chart agrees with the daily market for exhaustion of the Buyers. A retracement is therefore anticipated towards 13195.0 to help the buyers regain bullish momentum.
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