Nasdaq (US100) Price Declines into Oversold Territory

Market Analysis – April 15th

Nasdaq has emerged as a standout performer in the financial markets since the close of the preceding year. The market structure of Nasdaq has been notably characterized by well-defined swing lows preceding swing highs. However, in recent developments, the Nasdaq has dipped below the supporting trendline on the daily chart.

Key Levels for Nasdaq 100:

Demand Levels: 16996.0, 16177.0, 15776.0
Supply Levels: 18474.0, 19000, 20,000.

Long-Term Trend for Nasdaq: Bearish

Since November of the previous year, the majority of daily candles have closed above the Moving Average within the Bollinger bands, indicating a bullish stance. Nevertheless, recent days have witnessed a departure from this trend, marked by a consistent downward trajectory in daily prices. The rapid decline culminated in the identification of three black crows, ultimately leading the price to the support zone of 16995.0.

Short-Term Trend for Nasdaq: Bearish

On the daily chart, the Stochastic oscillator has signaled an oversold market, prompting a swift reaction. After testing the zone, bullish trading days have ensued.

Meanwhile, the Stochastic on the 4-hour chart indicates an overbought price, reflective of the upward momentum experienced following the test of the demand zone. Notably, a bullish shift in market structure has been observed on the 4-hour chart, indicating anticipation of a rise towards 18474.0.

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