Nasdaq bounces from key level (11300 still weighs heavy)

Orlando Gutierrez Learn 2 Trade

he Nasdaq faked out of the previous lows and is back above 11150 pre NY trading. It also has bounced back from the structure created from Early June 2020. The 11300 level still wigh heavy here since it was the level that we saw some bearish rejection from back in Agust.

Should price break with this level we could see a retest of the previous lows around the 11550 level but this would mean that the current bearish structure is no longer in play so active bulls might rally price above this level.

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Author

Orlando Gutierrez

Learn 2 Trade

Orlando has been involved in the financial markets for about 10 years. His focus is Global Macro and he is a strong believer that the best way to trade the currency markets is focusing on the big picture and holding on to big macro trends.

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