NASDAQ: Just a pullback. Next target at 13,200.

28 Mar 2023

Despite the recent pull back, Nasdaq's 1D technicals (RSI = 56.406, MACD = 181.190, ADX = 32.325) remain bullish. The long term bullish trend is seen also on the 1W time frame where the RSI is also above 56.000. On this long term chart we can see that since the first test on R1 (12,900) on February 2nd, all MA periods have come to Support, even forming a 1D Golden Cross.

The main pattern is a Bullish Megaphone with the HH trend line defining well the Highs of October 5th, November 15th and February 2nd so far. This illustrates that the upside is significantly higher but we are happy for now to settle for the next gap fill on R2 (13,200).

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