Nasdaq has been in an uptrend earlier but halted at the level of resistance on the daily and h4. This halt has resulted in the formation of doji and pinbar candlesticks. The trend seems to be shifting its course towards the downside; The reason for this is the previous low being broken our and market is currently retesting the resistance. It should be noted that th resistance level has been tapped numeouros times.

The two ascending trendlines have incurred a breakout sell which needs to be validae.

Peronsally, I do onot see a retracement setup on NAS as of now.

The EMA 50 is steeped upwards and is still bullish. Candles had been blanketing the EMA due to their nature of ranging markets on since last 5 days. 

RSI is at 54, which is the bullish region above the 50 thresohold. We will wait for the bearish divergence to be formed on the over bough region to take the short positions.

Nasdaq priming for a nose dive?

Apr 17 2023