NASDAQ: Crossed over the August 2022 High but overbought.

Nasdaq hit and crossed today over R1 (13,730) which was the High of August 16th 2022, the last major Resistance standing. It did so however on an overbought 1D technical timeframe (RSI = 70.248, MACD = 173.650, ADX = 31.828), which is a bell to start booking profits, especially since the price is approaching the top (HH trendline) of the Rising Wedge, the pattern that guides the trend since November.

More specifically, every time the 1D RSI hit the 70.000 overbought level in the past 12 months, Nasdaq declined. There is a HL trendline that supports the RSI though, so you can prepare your buy accordingly. We will take advantage of the next pullback and target the 1.236 Fibonacci extention (TP = 14,500).


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