breaking news Nasdaq Composite Technical Analysis | Forexlive
On the daily chart below, we can see price struggling to break above 12660 resistance as a hawkish revision in interest rate expectations and negative headlines on the debt ceiling front weigh in. on the Nasdaq.
The major bull flag is still playing perfectly and the target for this is the 13000 price area. As things stand we might get a pullback in the trendline first where the buyers will also have the long moving average red period as support.
Nasdaq Technical Analysis
On the 4 hour chart below, we could have a possible double top at the resistance of 12660 with the neckline holding at the 12420 level. This would be a good setup for buyers and sellers. Shoppers will be looking at this neckline with the trend line and the daily red long period moving average
as support to target a break above the 12660 resistance. Sellers, on the other hand, will wait for a break below the neckline and trendline to start positioning themselves for a bigger sell in the low level of the swing 11800.
On the one-hour chart below, we can take a closer look at the short-term price action on the Nasdaq. The recent pullback bounced off the 38.2% Fibonacci retracement level, so we can expect buyers to return to it if the price pulls back again.
Alternatively, if the Nasdaq begins to break above the 12755 high, the buyers should pile in as the bullish momentum would be in their favour. Today, the only risky event is the US PCE report. In case we get a beat, we should see the pullback towards the 12420 level, but if we get a miss, we should see the Nasdaq rally to new highs.