Nasdaq bounces from trend support ahead of tech earnings
The Nasdaq may experience significant volatility in the coming days due to upcoming technology earnings reports.
Technically, the bullish trend is still intact despite a recent decline that brought the index below the 20,000 mark, which now serves as a short-term resistance level. Reclaiming this level in the next few days would be a positive sign.
The short-term trend line, established in April, needs to hold on a daily closing basis to maintain bullish sentiment. If this trend line is breached, it could lead to a deeper correction, potentially down to the highs reached earlier this year around 18,460, where the longer-term bullish trend line from October also comes into play.
By Fawad Razaqzada, market analyst at FOREX.com
Technically, the bullish trend is still intact despite a recent decline that brought the index below the 20,000 mark, which now serves as a short-term resistance level. Reclaiming this level in the next few days would be a positive sign.
The short-term trend line, established in April, needs to hold on a daily closing basis to maintain bullish sentiment. If this trend line is breached, it could lead to a deeper correction, potentially down to the highs reached earlier this year around 18,460, where the longer-term bullish trend line from October also comes into play.
By Fawad Razaqzada, market analyst at FOREX.com
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