Nasdaq (NAS100) Aims for 20000.0

Azeez Mustapha

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Market Analysis – June 13

The Nasdaq Composite Index has recently surged past 19,000, signalling a strong bullish trend. Following a decisive breakout above 18,948.0, the upward momentum briefly paused, indicated by two small bearish candles. However, the index has since regained its strength, with larger daily bullish candles propelling it toward the 20,000.0 level.

Nasdaq Key Levels

  • Demand Levels: 18,700.0, 17,820.0, 17,284.0
  • Supply Levels: 20,000.0, 21,000.0, 22,000.0

Nasdaq (NAS100) Aims for 20000.0Nasdaq Long-Term Trend: Bullish

This year, the Nasdaq has experienced two significant pullbacks within its broader bullish trend. The first major pullback occurred in April after an extended period of consolidation. This pullback was more severe and protracted, as indicated by the Awesome Oscillator turning negative during this phase. Recovery from this pullback was slow but eventually successful.

The second major pullback commenced in late May. Although brief, it caused a notable price dip. During this period, the Parabolic SAR (Stop and Reverse) shifted, no longer forming points below the daily candles. This retracement included three consecutive days of bearish candles, effectively addressing a significant fair value gap and restoring price efficiency.

Nasdaq (NAS100) Aims for 20000.0Nasdaq Short-Term Trend: Bullish

Looking ahead, the Nasdaq is expected to rally to the next psychological level of 20,000.0. In technical analysis, psychological levels are perceived as significant by traders due to their round numbers. The best forex signals would aim for such psychological prices. The Awesome Oscillator indicates increasing bullish momentum as the index continues its ascent.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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