Market Analysis – April 8th
Nasdaq (NAS100) bulls still remain silent as price consolidates. In recent days, the index market has experienced a lack of significant movement, resulting in a consolidation phase.
Both buyers and sellers seem to be trapped in a range-bound market, unable to break free. This consolidation has persisted for quite some time, with no signs of a potential breakthrough.
Nasdaq Key Levels
Resistance Levels: 18513.000, 17773.000
Support Levels: 17316.900, 16529.000
Nasdaq (NAS100) Long Term Trend: Bullish
The buyers in the Nasdaq market have been facing a strong constraint at the price level of 18,513.700 over the past few weeks. Despite their efforts, they have been unable to surpass this level and establish a dominant trend.
On the other hand, the sellers have also struggled to gain enough strength to break through the significant level of 17,773.600. As a result, the market has been consolidating between these two levels since February, with low conviction from both traders.
The lack of a clear direction in the Nasdaq market has led to a consolidation phase. Buyers and sellers are treading cautiously, uncertain of the next move. This consolidation zone has become a battleground for the bulls and the bears.
However, despite the low drive in the market, buyers still have the potential to push forward and continue their bullish dominance.
For the bulls to overcome the obstacles in their path, they will need stronger conviction and a breakthrough from the consolidation zone. The year started with the bulls showing their strength at the significant level of 16104.400. To maintain their dominance, they must find a way to break free from the current range-bound market.
Nasdaq (NAS100) Short-Term Trend: Bullish
This week, the sellers seem to have gained some momentum, but the overall market direction is still upward. The price-money flow index is gradually trading lower, indicating a decrease in market volume.
However, the relative strength index (RSI) is still in the mid-range, signifying a balanced liquidity flow in the market. Nasdaq needs to come back stronger to break through the significant levels of 18513.700 or 17773.600.
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
