The NASDAQ index has displayed remarkable resilience as it remains above a rising trend line on the daily chart, affirming its commitment to the uptrend that has been in place since 10665. This upward trajectory has instilled confidence in market participants, who are now eyeing the next target around the 14350 area.
The ability of the index to maintain its position above the trend line support suggests that the bullish sentiment remains intact. As long as this support holds, investors can anticipate the continuation of the uptrend, with potential further gains on the horizon.
However, it is worth noting that the recent pullback from the peak at 13937 indicates that a period of consolidation is currently underway. During this phase, range trading between the support level around 13500 and the resistance level near 13937 is expected to dominate the market. Traders should closely monitor the price action within this range for potential opportunities.
In the event of a breakdown below the 13500 support level, it could trigger a further pullback in the index. The subsequent targets to watch for would be around the 13200 area, followed by the rising trend line.
While the NASDAQ undergoes its consolidation phase, market participants should exercise caution and remain vigilant. It is essential to closely monitor key support and resistance levels, as well as any significant news or developments that may impact the market sentiment and the index’s performance.
In conclusion, the NASDAQ index continues to demonstrate its strength by remaining above the rising trend line on the daily chart. With the uptrend intact, the next target for the index is projected to be around the 14350 area. However, in the near term, a consolidation phase between 13500 and 13937 is anticipated. Traders should closely monitor support and resistance levels within this range and remain attentive to market developments. By practicing effective risk management and staying informed, investors can navigate the NASDAQ market with confidence.