Nasdaq has formed a bullish sentiment and trend, with the formation of higher highs and higher lows. That being said, recently, it broke the resistance level which has now turned into a support. With this support, we will take a long position for the continuation upwards. Its a simple breakout and retest setup on nasdaq.

The descending trendline has broken out for buys and the price action has validated its comfirmation. 

EMA 50 is already bullish and might retest at the support level once the market marks back to test the support. 

RSI is at 76. It needs to neutralize at the level of 50 in order to align with the technical factors of the chart and price action.

Nasdaq buys from retest at 14760

Nov 02 2023