The NASDAQ as you can see pulled back during the course of the week, but found enough support at the 3850 level in order to bounce and form a nice looking
The NASDAQ as you can see pulled back during the course of the week, but found enough support at the 3850 level in order to bounce and form a nice looking hammer. This hammer sits basically at the 3950 level, so we can get above the highs of the hammer, we are perfectly 10 to start going long at that point time. We would not be surprised though if we see more sideways action though simply because the market has been so bullish. This may simply be one of those times where the market needs to take a slight rest, before going much further to the upside.
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.
