NASDAQ is bullish but on the monthly time frame, it is nearing the 15000 mark, which covers the resistance area and is very strong given it confluences with the weekly and monthy. We will be taking a short at this level against the trend, profiting from the retracement dive towards the support level at 14600, almost a 400-500 point dive. This area will seem to be beneficial for the market to take a dip down.

The ascending trendline is only going to act as a profit taking level with the retest being an option. It might also breakout sell from the resistance, confirming the breakout sell.

The retracement setup is on the monthly and weekly time frame, with the strong level of 75%.

EMA 50 is still bullish and we can extend our profits towards the EMA 50 retest. That being said, we can only hold our shorts till that area.

RSI is at 59, which needs a retest at the over bought region level of 75. From there, we will have a confluence of the short position.

Prime area for NAS shorts

Jun 19 2023