NASDAQ in technical rebound - a bull trap?
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The NASDAQ (and other equities indexes) closed the week on a strong rebound, having reached a lower support (11700). The resulting weekly candlestick is one with a long lower tail, suggesting a possible test to regain the 13K level.
The daily chart closed the highest for the week, and similarly projects a somewhat cautious bullish outlook for the incoming week. I would be wary for sudden turnarounds, especially near the resistance levels, or when prices are near the declining 55EMA.
The weekly technicals are still intact for the downside target of 11K.
Be wary!
The daily chart closed the highest for the week, and similarly projects a somewhat cautious bullish outlook for the incoming week. I would be wary for sudden turnarounds, especially near the resistance levels, or when prices are near the declining 55EMA.
The weekly technicals are still intact for the downside target of 11K.
Be wary!
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KA-BOING!!!
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