Bulls Back in Charge: NASDAQ Clears Key Resistance

NASDAQ surged higher in yesterday’s session, providing strong evidence that the recent bearish correction may be in the rearview mirror. The price action points toward a renewed bullish phase, supported by key technical signals.

Key Technical Developments:

• Breakout above the purple downtrend line marks the end of the recent pullback. This trendline had been guiding the downside move, and its break is a strong reversal signal.

• The orange horizontal resistance, which had been capping price action over the past several sessions, was also broken decisively, reinforcing the strength of the bullish breakout.

As long as NASDAQ remains above the broken downtrend line, the buy signal remains valid and the sentiment stays positive. With momentum shifting back to the bulls, we could be looking at further gains in the coming sessions, especially if U.S. earnings season and broader macro factors support the move.

Source: https://www.axiory.com/analytics/technical-analysis/bulls-back-in-charge-nasdaq-clears-key-resistance