We took a stop loss on the Nasdaq short earlier, due to the unemployment claims. Now, we are re analysing our short positions as we deem nasdaq to be short.

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. We are looking to short the pair at the price of 13120.

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

The retracement level of 61.8% is in confluence with the resistance level.

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 46, which is the bearish region. We will wait for the market to align with the chart technicals and see where the RSI oscillator is to calibrate the exact short level. Regardless of RSI, we will short the pair at the resistance. 

Plenty of trendline breakout sells

Apr 20 2023