NASDAQ seems to be bullish as it broke the resistance, which has now turned into support. The price is at 10950, which if moves the impulse, will continue forming higher highs and higher lows for the further escalataion upwards. Market is forming higher highs and higher lows which indicates the bullish momentum.

The descending trendline has been broken out for buys with the validation of the candles with the bullish engulfing candles.

The retracement level 61.8% at the bullish trend. Market has formed the confluence with the support level. 

EMA 50 has broken out for buys and has retested the EMA 50 at the resistance turn support level. This is an addition to the technical factor for the bullish move upwards.

RSI is at 36. This needs to be neutralized at the level of 50 in order for the market to continue moving bullish upwards.

Nasdaq bullish

Oct 28 2022