The NASDAQ index has shown impressive strength as it extended its upward move from 10665 to reach as high as 13912, surpassing the previous high resistance at 13729. This significant breakout has caught the attention of traders and investors, signaling the continuation of the index’s bullish momentum.
Looking ahead, market participants anticipate further gains in the NASDAQ after a minor period of consolidation. This consolidation phase allows for some profit-taking and reassessment of positions before the next leg of the uptrend. Traders will be closely watching the market dynamics during this consolidation to gauge the strength of the bullish momentum.
The next target for the NASDAQ is expected to be around the 14350 area. If the index can maintain its upward trajectory and surpass this level, it would provide further confirmation of the strength of the ongoing rally. Investors will be monitoring the market closely for any signs of a breakout above this key resistance level.
In terms of support, the near-term level to watch is around 13400. A break below this support could trigger a retracement or a temporary pullback. However, as long as the price remains above the rising trend line on the daily chart, the overall bullish bias is likely to remain intact. The trend line serves as an important level of support and provides guidance for traders and investors.
In conclusion, the NASDAQ index has displayed impressive upward momentum, breaking through key resistance levels and reaching new highs. Traders anticipate further gains, with the next target around the 14350 area. While a period of consolidation may occur, as long as the price remains above the near-term support at 13400 and the rising trend line on the daily chart, the overall bullish trend is likely to continue. Traders should remain vigilant and adapt their strategies accordingly to capitalize on potential opportunities in this dynamic market.