Current price: 30725
Key point: 30635
Our preferred strategy: Buy positions above 30635 with a first target of 30800 and then a second target of 31000.
Alternative scenario: Stop loss and trend reversal upon breaking the 30535 level, targeting the 30300 level.
Technical commentary
The Nasdaq index is moving above the upward trend line from the previous month's low, above the 200-period moving average on the four-hour timeframe, and above the support level of 30300. If it breaks through the pivotal resistance levels of 30636-30700, the index will then head towards the 30800 level and then the 31000 level.
