NASDAQ Drop can extend to MA200 and then rebound
Nasdaq is trading inside a Bearish Megaphone.
The MA50 4H has been established as Resistance.
The price uses as Supports the Highs and Lows during January's uptrend.
Trading Plan:
1. Buy on the MA200 4H and next Low Support confluence.
2. Sell on the MA50 4H.
Targets:
1. 12300 (MA50 4H).
2. 11850 (next Support and MA50 1D).
Tips:
1. The RSI 1D is inside a Channel Down and oversold. Adding buying pressure.
2. Observe if the Fibonacci retracement levels can be used as Support levels.
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The MA50 4H has been established as Resistance.
The price uses as Supports the Highs and Lows during January's uptrend.
Trading Plan:
1. Buy on the MA200 4H and next Low Support confluence.
2. Sell on the MA50 4H.
Targets:
1. 12300 (MA50 4H).
2. 11850 (next Support and MA50 1D).
Tips:
1. The RSI 1D is inside a Channel Down and oversold. Adding buying pressure.
2. Observe if the Fibonacci retracement levels can be used as Support levels.
Please like, follow and comment!!
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