FX.co ★ Technical analysis on Nasdaq for November 7th, 2023.

Red line- resistance

Blue lines- Fibonacci retracement levels

NASDAQ is found at a very crucial price level where bulls challenge the red downward sloping resistance trend line. The trend line provides resistance at 15,185 and a daily close above this level would be a positive sign. Price has already retraced almost 38% of the entire rise. The index has made an impressive almost vertical rise from recent low at 14,045. Short-term trend is controlled by bulls as price is making higher highs and higher lows in the 4 hour chart. The RSI is far from overbought levels, implying there is more upside potential if price continues forming higher highs and higher lows.