NASDAQ BREAKOUT ON SUPPORT, EYES ON BEARISH FLAG

NASDAQ has confirmed an important level breakout recently. Here we witness a breakout and pullback on the major demand zone identified under the hourly timeframe. Here we also identified an important bearish flag formation, which is likely to create another dip towards the bottom level of support created.

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Nasdaq has faked out the previous breakout identified on its bearish flag created. Here we have seen a strong pullback from its recent low back toward the highlighted key level/demand zone. For the moment we should wait patiently for bearish indication before executing another short position.