Nasdaq held 200 week MA this week. Again above the 100 week MA

The low worth within the NASDAQ this week stalled at 14,784, simply above the 200-week shifting common, which at present sits at 14,616.37. Notably, this isn’t the primary time that stage has attracted help — in 2023, an analogous dip discovered consumers simply forward of the identical long-term common. The important thing distinction then was the added help from the 50- and 100-week MAs, which aren’t in play this time round.

This week’s bounce has been constructive, with the worth rebounding strongly and pushing again above the 100-week MA, now at 16,299.86. That stage turns into an essential help pivot — holding above retains the restoration bias intact.

Nonetheless, one technical goal that was not achieved was a sustained transfer above the 38.2% retracement of the decline, which is available in at 16,854.68. That stage — very similar to the 100-week MA — will probably be pivotal going ahead. Bulls want to interrupt and maintain above it to strengthen the case for a broader upside restoration.

Backside Line

The market averted a deeper breakdown this week, and consumers held the place they wanted to. Reclaiming the 100-week MA is a optimistic sign. The achieve of 6.87% at present is one of the best since a achieve of eight.10% throughout the week of November 7. However to flip the script decisively, the worth must clear and maintain above 16,854.68. Till then, bulls have a foothold, however not a agency grip.

This text was written by Emma Wang at www.ubaidahsan.com.



Source link