NASDAQ has been in a bullish trend, with the formation of higher highs and higher lows. The market still has the particular potential towards the higher side, for another impulse move. That being said, our target could be around 300 points from this current level.

The ascneding trendline is still far away from the current market prices and even if possible to hit the trendline, there is a high chance of the market retesting it.

The retracement level of 50 is in confluence with the support level and the market can continue moving up from this level towards the 1 level of retracement.

EMA 50 is retesting the price action at the support level. This rejection could make the market impulse move upwards.

RSI is at 56. It needs to tap the neutralized level at 50 in order for the market to align with the support level and then, continue moving up.

Longs at 50% retracement

May 12 2023