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Nasdaq: Bullish trend continues
Daily Forecast 04/26/2024 - Learn all about Nasdaq chart analysis, day trading setups and market outlook for active traders. Stay informed and act responsibly.
Nasdaq: Bullish trend continues
The Nasdaq index was trading at 17,422 points yesterday morning. After a moderate increase, there was a decline that increased throughout the afternoon. In the late afternoon the index stabilized and experienced a recovery that became more dynamic in the evening. The 17,600 point mark was exceeded and the index closed above this mark. Prices continued to rise dynamically in night trading.
On the 1-hour chart, the Nasdaq initially traded below the SMA20. Over the course of the day it approached this line and, after initial difficulties, was able to stabilize above it. This led to further upside movements up to the SMA50. The chart picture improved and the forecast for short-term movements was deemed bullish.
Looking at the 4-hour chart shows that the Nasdaq was able to regain its footing despite initial weakness above the SMA20. The index moved up to the SMA50 but was rejected by this line. Pullbacks could temporarily reach the SMA20 or SMA50 before renewed upward movements could occur. The forecast for the overarching chart image remained neutral.
The Nasdaq started this morning in the 17,770 area, up 348 points from the previous day. The general forecast for the trading day remained neutral, while the chart image was evaluated differently depending on the time frame. The market situation remains dynamic and requires careful monitoring for traders involved in day trading.