Nasdaq in a bullish trend all together, as we see the historical price action. Market has been forming a bullish structure with higher highs and higher lows. Right now, it is in a ranging market in an uptrend. This means, market can breakout with force towards the upside, as the price action has formed a bullish engulfing at the support. We will enter the longs at the support level priced at 12850. 

The ascending trendline has broken out for sells but the structure was unable to form bearish. Therefore, the trendline will be invalidated as we see another trendline breakout buy happening.

EMA 50 is ranging as well. There is no clear direction on the pair.

RSI is in the bearish region. This means, we have to wait for it to fall in the over sold region in order to align with the support level we have drawn.

Time to change our bias on NASDAQ

Apr 21 2023