Current price: 29640
Key point: 29750
Our preferred strategy: Sell positions below 29750 with a first target of 29370 and a second target of 29200.
Alternative scenario: Stop loss and trend reversal upon breaking the 28840 level, targeting the 30075 level.
Technical commentary
The Nasdaq index broke the pivotal support level of 29750, along with the 200-period moving average on the four-hour timeframe. It is expected to continue its decline to reach the 29370 level, and then, if it breaks below that, it will head towards the 29200 level.
