3 min readNASDAQ (NDX):
As noted in previous articles, I was eager to observe how the NASDAQ would continue to trade from these internal ascending trend line and former resistance areas, which are now acting as support.
A closer look at the technicals clearly shows how previous resistance areas are now serving as support, as illustrated below. This aligns perfectly with the 50% Fibonacci level, suggesting that the price has rebalanced and is now poised to move higher, as we are currently observing. The RSI indicator does not show any concerning signs of the current move being “overbought.” If support holds and the price continues to rise, it is likely that the next target will be the newly formed all-time high (ATH).
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