Nasdaq faced a critical level of 12900 on weekly closing and could not close above it. This level is very crucial for the index as the price has reacted 5 times on weekly basis.
Bulls need to close the price above this key level for nasdaq to have the confirmed bull run.
Bullish points:
Bearish points:
Rejection from the level on friday
Strong bearish divergence on daily candle,12 h and 8h candles on MACD which indicates the momentum is fading
The key level confluence with fib 0.38 level, if it rejected from this level then it could be a retracement of the long term bear rally.
March does not favor risk on assets.
Conclusion:
Both the bulls and bears have strong points here and coming week can be a decisive one for Nasdaq.
Bulls need to close the price above this key level for nasdaq to have the confirmed bull run.
Bullish points:
- Long term bearish trend line has been broken and price is maintained above it
Support from weekly 200EMA
HL formed on weekly TF
Bearish points:
Rejection from the level on friday
Strong bearish divergence on daily candle,12 h and 8h candles on MACD which indicates the momentum is fading
The key level confluence with fib 0.38 level, if it rejected from this level then it could be a retracement of the long term bear rally.
March does not favor risk on assets.
Conclusion:
Both the bulls and bears have strong points here and coming week can be a decisive one for Nasdaq.