Market Analysis – April 15th
Nasdaq (NAS100) struggles to gain an edge due to consolidation. The Nasdaq (NAS100) has been experiencing a period of consolidation, where the price movement has been relatively stagnant.
This consolidation phase has kept the market pace bounded above the significant level of 17715.00. Traders have been patiently waiting for a breakout, as both buyers and sellers have been trading quietly, pulling their strength aside.
Nasdaq Key Levels
Resistance Levels: 17715.00, 17300.00
Support Levels: 16486.00, 15882.00
Nasdaq (NAS100) Long Term Trend: Bullish
Looking back to November of last year, the bulls began their ascent, pulling the Nasdaq to other key levels in the market. They continued their upward momentum, even through the new year, retesting the significant level of 164860.00.
However, since February, when the price escaped beyond the 17715.00 market zone, the buyers have been struggling to maintain their control. One interesting observation from the market is the behavior of the momentum indicator. The signal line has been remarkably quiet, indicating a lack of strong bullish momentum.
This suggests that the bulls may be weak and are patiently waiting for the right opportunity to strike. On the other hand, the sell traders are also looking out for a golden opportunity to take advantage of the market situation.
Nasdaq (NAS100) Long-Term Trend: Bearish
At this point, it is crucial to consider the possibility of a breakout. If a breakout occurs, we could see the price fall below the key level of 17715.00. This would indicate a shift in market dynamics and potentially open up new trading opportunities for both buyers and sellers.
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