Current price: 29530
Key point: 29200
Our preferred strategy: Buy positions above 30300 with a first target of 29800 and then a second target of 30225.
Alternative scenario: Stop loss and trend reversal upon breaking the 30200 level, targeting the 28800 level.
Technical commentary
The Nasdaq index reached near the pivotal support level of 29200 and rose from there, with expectations of continuing this upward movement towards the 29670-29800 range. If this level is breached, it will then target the 30225 level, which coincides with the 200-period moving average on the hourly timeframe.
