Nasdaq -> Bulls Are In Control

٨ مايو ٢٠٢٣

Hello Traders,
welcome to this free and educational multi-timeframe technical analysis .

On the weekly timeframe you can see that Nas100 is actually approaching a quite obvious previous weekly support/resistance zone at the $13,500 level which is now turned resistance once again.
You can also see that from a weekly perspective, market structure is extremely bullish, moving averages are also bullish and we just recently broke above and retested a previous weekly resistance which was then turned support so from a weekly perspective I simply do expect a deeper retest of the next resistance at the $13,500 before I then do expect a short term rejection towards the downside.

On the daily timeframe you can see that with today's candle, Nas100 is finally breaking above a previous daily strong resistance area so market structure is now bullish again - I am just waiting for a little bit more upside, then a retest of the previous resistance which is then turned support and then I do expect more continuation towards the upside.

Thank you for watching and I will see you tomorrow!

You can also check out my previous analysis of this asset: