16 Apr 2020
Nasdaq Asia Price Forecast: Bullish recovery remains intact, trades near 8800 level
- Nasdaq recovered more than 61.8% since the coronavirus-crash.
- The level to beat for bulls is the 8800 resistance.
Nasdaq daily chart
Following the coronavirus-crash, the Nasdaq is rebounding sharply exceeding the 61.8% Fibonacci retracement while trading above the main SMAs on the daily chart.
Nasdaq four-hour chart
The Nasdaq is trading above its main SMAs on the four-hour time frame while printing higher highs and higher lows suggesting that the recovery remains for now intact. The level to beat for bulls is the 8800 resistance and if broken the next pit-stop could be the 9400 level closing a gap from late February. On the flip side, support can emerge near the 8520 and 8320 levels.
Additional key levels