Market Analysis – November 7
Nasdaq (NAS100) bulls maintain control. The bull traders have exhibited remarkable tenacity, making their presence known in the market during the past week. As we delve deeper into the technical aspects, it becomes clear that Nasdaq is now standing at a critical juncture. Right now, they are making decisions that are poised to influence the market’s direction for the upcoming week.
Nasdaq (NAS100) Market Zones
Resistance Zones: 15945.00, 15346.00
Support Zones: 14111.00, 13782.00
Nasdaq (NAS100) Long-Term Trend: Bullish
A closer examination of the daily chart reveals that the buyers are fervently seeking to challenge the trend line. This line lies near the 15346.00 market zone. The outcome of this challenge holds the key to Nasdaq’s performance in the days ahead. Over the past few months, the bears have gradually pushed the price lower, resulting in a downward trend characterized by lower swing lows.
Despite this bearish undertone, the bulls have managed to maintain a strong presence, and their influence is unmistakable. The current market structure can be distilled into two potential scenarios: either the bulls will strengthen their grip or the sellers will make a resurgence. If the sellers manage to regain control, the index is likely to drop to the 13782.00 price zone.
The MACD (Moving Average Convergence and Divergence) indicator reveals that the bullish momentum still possesses significant potential for extension. This indicator is often used to gauge the strength and direction of a trend, and in this case, it signals that the bullish run might not be over yet.
Nasdaq (NAS100) Short-Term Trend: Bullish
The Relative Strength Index (RSI) paints a picture of potential exhaustion among buyers. This implies that the buyers may have exerted most of their strength and could be reaching a climax.
You can purchase Lucky Block – Guide, Tips & Insights | Learn 2 Trade 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
- 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
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
