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The Nasdaq Composite continues to hold into the
gains of the past week as the lack of bearish catalysts in the first part of
the week kept the buyers in control. From a technical standpoint, the Nasdaq
Composite is now at a key resistance level and in this final part of the week
we will get some market moving data like the US Jobless Claims and the
University of Michigan Consumer Sentiment report. The market participants will
be focused on the Jobless Claims data to see how fast the labour market is

Nasdaq Composite Technical
Analysis – Daily Timeframe

Nasdaq Composite Daily

On the daily chart, we can see that the Nasdaq Composite
extended the gains in the first part of the week as the lack of fundamental
catalysts gave the buyers some free room to the upside. The index is now at a
key resistance zone
around the 13700 level where we can find the previous swing high and the major trendline. The
sellers are likely to step in here with a defined risk above the level to
position for a drop into the 12274 support.

Nasdaq Composite Technical
Analysis – 4 hour Timeframe

Nasdaq Composite 4 hour

On the 4 hour chart, we can see that the price
broke above the minor trendline, retested it and continued higher into the
major trendline. The buyers will want to see the Nasdaq Composite breaking
higher to invalidate the bearish setup and increase the bullish bets into new

Nasdaq Composite Technical
Analysis – 1 hour Timeframe

Nasdaq Composite 1 hour

On the 1 hour chart, we can see that the
latest leg higher is diverging with
the MACD right
around the key resistance. This is generally a sign of weakening momentum often
followed by pullbacks or reversals. In this case, it’s another layer of confluence for
the bearish setup and we are likely to see a pullback into the 13400 level at
very least. A break below the 13400 level should confirm the bearish setup and
lead to even more selling pressure.


This week is pretty empty on the data front with just
the US Jobless Claims tomorrow and the University of Michigan Consumer
Sentiment on Friday being the only notable events. The market is likely to
focus on the US Jobless Claims given the recent weakness in the labour market
data. Strong readings are likely to support the Nasdaq Composite, but weak
figures should start to really weigh on the risk sentiment as the recessionary
fears are likely to increase.

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