Nasdaq -> Short Squeeze Coming

1 thg 5, 2023

Hello Traders,
welcome to this free and educational multi-timeframe technical analysis .

On the weekly timeframe you can see that Nas100 just recently perfectly broke above and with last week's candle already retested and rejected a quite obvious previous weekly resistance area at the 12,800 level.
You can also see that as we are speaking, Nas100 is approaching the next major weekly structure area at the 13,600 level which was acting as quite strong resistance in the past, so from a weekly perspective I am now just waiting for another rally to retest the next resistance before I then do expect a short term correction towards the downside.

On the daily timeframe you can see that with Friday's candle, the Nasdaq perfectly broke and closed above a previous daily resistance area at the 13,100 level - all of this previous resistance is now turned support so I am just waiting for a retest and bullish confirmation before I then do expect another impulse towards the upside.

Thank you for watching and I will see you tomorrow!

You can also check out my previous analysis of this asset:
https://www.tradingview.com/chart/NAS100/8UM6VimG-Nasdaq-Bearish-Then-Bullish/