NASDAQ is at 15,200 level of resistance. The trend is bullish with the market forming the higher highs and higher lows, this doesn't mean if we are taking the short, the trend is bearish. We need to understand, this is only the retracement we are encashing. The retracement shorts will only be for 200 points.

The descending trendline has broken out for buys and the market has confirmed the validation for the breakout out. But, the market has not broken the resistance level, which means, the market has to break the resistance in order for the market to continue moving up.

EMA 50 is bullish and the profit target 1 could be our retest of the EMA 50. 

RSI is at 64. This needs to hop over to the over bought region where the market can dwell into the over bought region and form a sell divergence on the oscillators. This will make the price action aligned with the short sell. 

NASDAQ to be shorted from a major resistance

Jul 12 2023

Stop Loss -0.46%

Holding time 1hr

15227.41

Entry price

15297.91

Stop loss price