The Nasdaq Composite ended another negative day yesterday as buyers struggled to find ground. It could have been a mix of hawkish comments from the Fed’s Williams, in which he did not rule out a rate hike if the data demanded it, and some nervousness due to some rumors of Israeli retaliation in the next 24/ Next 48 hours. Tonight, Israel retaliated by carrying out airstrikes against Iran, but this was ultimately seen as a limited retaliation, with even Iran downplaying them. This could finally put this matter behind us, and we could see some positive risk sentiment today.
Nasdaq Composite Technical Analysis – Daily Timeline
Nasdaq Composite Daily
On the daily chart, we can see that the Nasdaq Composite is now moving very close to the key level of 15453. We can also notice that the price has been stretching a bit too much, as shown by the distance from the blue moving average 8 In such cases, we can usually see a pullback towards the moving average or some consolidation before the next move.
Nasdaq Composite Technical Analysis – 4 Hour Timeframe
Nasdaq Composite 4 hours
On the 4-hour chart, we can see that the price has also been surpassed over this time frame. If we were to get one last push towards the 15453 level, we can expect buyers to step in with a set risk below to position themselves for a rebound towards the 15929 level. Sellers, on the other hand, will want to see the price declines to increase bearish bets until the next support at 15162.
Nasdaq Composite Technical Analysis – 1 Hour Timeframe
Nasdaq Composite 1 hour
On the hourly chart we can see that we have a trendline defining the current bearish momentum where we can find the red moving average 21 for the confluence. If we get another pullback, we can expect sellers to step in around the trendline with risk set above to position for new lows. Buyers, on the other hand, will want to see the price move higher to accumulate and position themselves for a rally towards the 15929 level.
cnbctv18-forexlive
