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Daily Technical Analysis Research – Global Markets (NASDAQ)

NASDAQ (NDX)

On the daily timeframe, the NASDAQ has experienced a remarkable rebound following the “Black Monday” crash a few weeks ago. The price dropped sharply to around $17,500, where it found support. Currently, NASDAQ’s price action seems closely tied to NVIDIA’s performance. With favourable news surrounding the company, we can see how this positive sentiment is influencing the NASDAQ’s upward trend.

Daily Technical Analysis Research - Global Markets (NASDAQ) - Screenshot 2024 09 20 at 14.16.29 1024x554

Examining the technicals more closely, we can see how the price reacted after bouncing off the $17,500 region. It broke above the $19,500 mark before retreating back down, finding support around $18,500. This is an excellent example of how traders can capitalise on such moves, especially when price action confirms that these areas are holding as support. Additionally, this pullback aligned perfectly with the 50% level on the Fibonacci tool.

Daily Technical Analysis Research - Global Markets (NASDAQ) - Screenshot 2024 09 20 at 14.17.46 1024x555

Author

Matthew Hayward
Matthew is a well-experienced Market Analyst with a key focus on both Fundamental and Technical Analysis. He has experience in covering various market topics including Cryptocurrency, Foreign Exchange, Indices, and Commodities. He looks to provide we...
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