The NASDAQ index has been on an impressive upward trajectory, extending its move to reach as high as 14540. However, it is currently facing a significant resistance level represented by the upper boundary of the rising price channel on the daily chart.
Traders and investors are closely monitoring the price action near this resistance level, as it will play a crucial role in determining the next potential moves. A breakout above the resistance could signal further upside momentum and open the door for a potential rally towards the 15000 area.
Support levels to watch are located at 13830 and 13600. As long as these levels hold, the overall bullish bias remains intact, and the market participants could anticipate the continuation of the upside move. These support levels act as important reference points for traders to manage their risk and evaluate the strength of the ongoing trend.
However, it’s worth noting that a breakdown below the support levels at 13830 and 13600 would suggest a potential shift in market dynamics. Such a development could indicate a lengthier consolidation phase for the uptrend, potentially leading to a corrective pullback. Traders would then focus on the lower boundary of the rising price channel as a possible target for further decline.