Current price: 29100
Key point: 29030
Our preferred strategy: Buy positions above 29030 with a first target of 29500 and then a second target of 30200.
Alternative scenario: Stop loss and trend reversal upon breaking the 28875 level, targeting the 28585 level.
Technical commentary
The Nasdaq index managed to rise from the pivotal support levels of 28875 and from the 200 moving average on the four-hour timeframe. It is expected that if the price breaks through the resistance levels of 29200, it will head towards the levels of 29500, and then if it breaks through them, it will head towards the levels of 30200.
