Nasdaq regain its appeal. What’s next?
“Bulls regain their momentum on Nasdaq following strong quarterly earnings.”
US stocks pushed upwards, buoyed by improvement in investors’ sentiment and optimistic earnings results. Netflix set the tone for bulls after recent quarterly results exceed expectation in terms of EPS and number of subscribers’ loss. In addition, Tesla pushed out strong quarterly result with optimistic EPS and earnings despite slowing production activity in China due to lockdowns. Moving forward, investors will place their attention upon Fed member speeches as well as earnings report to gain more market signals.
Quick recap on NAS100
Nasdaq bottomed out around the threshold of 11,000, cutting off bears as it stages an extensive rebound.
NAS100 Weekly Technical Analysis
From weekly perspective, MACD shows diminishing bearish momentum, with both signal line crossing towards the upside.
NAS100 Daily Technical Analysis
Evidently, bullish momentum could also be seen in daily perspective, where we expect the index to move towards the target of 12907.
ORDER: BUY STOP
STOP LOSS: 12500
Target 1: 13545
Target 2: 13820
ZFX Analyst’s Comment
Bears on Nasdaq shows signs of wear-off as they bottomed out near 11,000. This stages the next bullish wave with confirmation required at 12907.
Risk Warning: The above content is for reference only, and does not represent ZFX’s position. ZFX does not assume any form of loss caused by any trading operations carried out in accordance with this article. Please be firm in your thinking and do the corresponding risk control.
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