Trade: long
Local target: 15400
Global Target: 16300-16500
The US stock market corrected as investors were concerned about tapering and key rate potential increase. As the famous saying goes "buy the rumors. sell the news". The community got information about tapering, the risk of default caused by exceeding the national debt limit is gone and the new year rally is getting closer. The risk-on sentiment is about to retund on the markets and the biggest rally will continue.
On the pre-market, the NASDAQ touched 14600 again and a double bottom pattern occurred on the daily chart. The target for the price movement according to this pattern is 15400. But we believe that this rally will last longer than a couple of weeks and NASDAQ will set a new All-time-high.
Local target: 15400
Global Target: 16300-16500
The US stock market corrected as investors were concerned about tapering and key rate potential increase. As the famous saying goes "buy the rumors. sell the news". The community got information about tapering, the risk of default caused by exceeding the national debt limit is gone and the new year rally is getting closer. The risk-on sentiment is about to retund on the markets and the biggest rally will continue.
On the pre-market, the NASDAQ touched 14600 again and a double bottom pattern occurred on the daily chart. The target for the price movement according to this pattern is 15400. But we believe that this rally will last longer than a couple of weeks and NASDAQ will set a new All-time-high.