Current price: 19950
Key point: 19940
Our preferred direction: Buy positions above 19940 levels with 20100 as a first target and then 20300 as a second target.
Alternative scenario: Stop loss and change the trend by breaking the 19940 level, targeting the 19600 levels.
Technical commentary
The US Nasdaq index was able to break the symmetrical triangle on the four-hour frame and break the downtrend line from the peak of last July.
The index is still trading below the resistance levels of 19940-20100. If the index breaks above them and stabilizes, it will head towards the 20400 levels and then the 20700 levels.
