Current price: 29825
Key point: 29570
Our preferred strategy: Buy positions above 29570 with a first target of 30300 and then a second target of 30650.
Alternative scenario: Stop loss and trend reversal upon breaking the 29450 level, targeting the 29100 level.
Technical commentary
The Nasdaq index is holding above the pivotal support level of 29570, above the upward trend line from last month's low, and above the 200-period moving average on the four-hour timeframe. If it breaks above the significant resistance level of 29950, the price is expected to target 30300, and then, if that level is breached, it could target 30650.
