The NASDAQ fell during the majority of the week, but found enough support near the 4375 level in order to turn things back around and form a nice-looking
The NASDAQ fell during the majority of the week, but found enough support near the 4375 level in order to turn things back around and form a nice-looking hammer. The hammer sits right on top of an uptrend line, and therefore looks like we’re going to go much higher. The 4600 level above is resistance, but it seems to be the next target that we are going to aim for. We can probably break above there for to awfully long, and we believe that a move above the top of the hammer is reason enough to start buying.
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
