Nasdaq Witnesses Noteworthy Resurgence from Oversold Territory

Market Analysis – April 29

Nasdaq has demonstrated substantial gains since the onset of the year, propelled by an upward trajectory within a bullish channel on the twenty-four-hour timeframe. However, April marked a pivotal shift in trend dynamics, resulting in the nullification of the previously established bullish channel.

Key Levels for Nasdaq

Demand Levels: 16995.0, 16177.0, 15776.0
Supply Levels: 18474.0, 19000.0, 20000.0

Nasdaq Long-Term Trend: Bullish

Despite multiple attempts, the market struggled to breach above the critical level of 18474.0. Subsequently, a series of diminutive candles formed, signaling a period of consolidation until the supporting trendline was ultimately breached. This breach prompted a subsequent pullback, culminating in a noticeable price decline visible on the daily timeframe.

The descent in price persisted notably following the test of the 16995.0 demand level, with only a solitary bullish Doji Candle, emerging amidst the downturn. This candle’s presence underscored the pronounced weakness exhibited by the Bulls during the price descent. Notably, the demand zone was characterized by an unmitigated bullish order block, subsequently filled by a dip in price.

Nasdaq Short-Term Trend: Bullish

Both the Stochastic and RSI indicators signaled an oversold market as the demand level was reached, providing confluence and aiding in the generation of favorable forex signals.

Presently, the market is in a phase of recovery, as evidenced by the price ascent from the demand level. Anticipations are high for the price to ascend towards the previous resistance level of 18474.0.

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