NASDAQ's Next Move: Potential Bull Flag Breakout?
2022 wasn't kind to NASDAQ, starting at 16500 and then dropping to a low of 10440, which is a big 36% fall. But the first half of 2023 flipped the script with a solid rally almost back to 16000. This 6-month climb cooled off into a phase where the prices have been moving sideways, forming what looks like a bull flag.
However, with the current unsettling situation in the Middle East and the looming fears of war, breaking out of this bull flag and continuing the rally might be challenging. Investors tend to pull money out of markets during shaky times, opting for safer bets like gold.
For those eyeing long positions, seeing a strong close above the previous month's high of 15620 would potentially be a good sign. But if we dip below 14400, that could open up chances for shorting. Either way, stay tuned to this post to catch the latest updates!
However, with the current unsettling situation in the Middle East and the looming fears of war, breaking out of this bull flag and continuing the rally might be challenging. Investors tend to pull money out of markets during shaky times, opting for safer bets like gold.
For those eyeing long positions, seeing a strong close above the previous month's high of 15620 would potentially be a good sign. But if we dip below 14400, that could open up chances for shorting. Either way, stay tuned to this post to catch the latest updates!
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