Nasdaq Index, what’s next?
Published On: 21 April 2023, 10:00 AM | Annabelle Tang, Dealer
- Looking at Nasdaq Index, we first noticed a continuous upwards trend since the start of this year.
- We next noticed consolidation (shown in red box) since March till present date, signaling a possible stop to the upwards trend. The start of consolidation happens to coincide with the collapse of Silicon Valley Bank (10th March) and the bought over of Credit Suisse by UBS which happened subsequently.
- While traders may want to continue trading within this consolidation range, it might also be worth noting that this could be the start of a downwards trend once prices break out of 12,850 (marked by the second resistance line that has been tested thrice over the past year hence proving to be quite strong).
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