NASDAQ has broken an important h4 resistance priced at 11150. This is being retested as a broken resistance turned support. We will be waiting for the formation of a bullish engulfing or pinbar in order to continue for an impulse leg up. Market has formed higher high and higher low, which indicates the bullish trend. 

Market has formed a bearish pennant which has a resistance trendline. There is a gap towards the higher side which might retest at the resistance trendline. 

There is no retracement area in this situation.

The EMA 50 is on the verge of the retest at the resistance level. We anticipate that the market will break this EMA 50 for now and continue moving up.

RSI is at 54. This means we are in a bullish region and near the neutralized levels. The window towards the over bought region is still far to have at least 100 points. Therefore, we will take this opportunity.

Break and retest from 11190

Oct 19 2022