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Nasdaq stages short-covering bounce
After dropping to our main target below the summer lows, the Nasdaq and many other global indices have staged a bit of a relief rally today.
I reckon today's recovery is driven by short-side profit-taking. As such, I wouldn't rule out the resumption of the selling around current levels of 11160ish (old support and resistance).
I would drop my short-term bearish bias only in the event the index goes on to break and hold above the nearest high at 11550.
By Fawad Razaqzada on behalf of FOREX.com
I reckon today's recovery is driven by short-side profit-taking. As such, I wouldn't rule out the resumption of the selling around current levels of 11160ish (old support and resistance).
I would drop my short-term bearish bias only in the event the index goes on to break and hold above the nearest high at 11550.
By Fawad Razaqzada on behalf of FOREX.com
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