Current price: 24950
Key point: 24700
Our preferred strategy: Buy positions above 24700 with a first target of 25200 and then a second target of 25400.
Alternative scenario: Stop loss and trend reversal upon breaking the 24500 level, targeting the 24250 level.
Technical commentary
The Nasdaq managed to rise from the support level of 23975 while breaking through the resistance level of 4500. If it breaks through the downtrend line from last month's peak and breaks through the 200 moving average on the four-hour timeframe, the index will then head towards the 25200 level and then the 25400 level.
