NASDAQ BEARISH BIAS

NDQ = Current price @ 11,923

The Nasdaq has yet again rejected resistance at 12,560 for the 5th time now
and is heading back to previous support @ 11,699
The Nasdaq has been in a bearish trend since the war in Ukraine started
what is fueling the bearish move is actually inflation worries in the US as well as
poor Q1 reports from companies like Amazon, Netflix, etc.

We expect the Nasdaq to continue its bearish trend to at least 10,999 which is the
next major support level before reversing back to 12,000.
After that we expect a retracement back to 11,699 before continuing its bullish movement
and breaking the major down-trendline.

Short term key Buy levels for day traders
@ 11,699
@ 10,999

Long term the Nasdaq is always a buy if you are holding/Long-term trader


Note: this is just an analysis based on technical analysis & current events. All investments involve risk, our analysis and trading strategy does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make.