Current price: 29440
Key point: 29330
Our preferred strategy: Buy positions above 29330 with a first target of 29585 and then a second target of 29765.
Alternative scenario: Stop loss and trend reversal upon breaking the 29300 level, targeting the 29090 level.
Technical commentary
The Nasdaq index rose from levels of 29090 and is currently trading above 29330. If it breaks through the resistance level of 29440, coinciding with the 200-period moving average on the hourly timeframe, the index will then head towards levels of 29585 and subsequently 20765.
