16.05.202406:46 Forex Analysis & Reviews: Technical Analysis of Intraday Price Movement of Nasdaq 100 Index, Thursday May 16 2024.

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Even though currently on the 4-hour chart the Nasdaq 100 index appears to be in a strengthening condition, which is confirmed by the EMA 20 which is above the EMA 50, but with the appearance of the Ascending Broadening Wedge pattern which at the same time breaks the Old High level of 18467.8, in the near future #NDX has the potential to be corrected down to level 18303.6. If this level is successfully surpassed, then #NDX will continue its weakening correction to level 17970.2 as the main target and if momentum and volatility support then level 17574.1 will be the next target to be aimed at, but if it is on its way to These targets suddenly strengthen again in this index, especially if it succeeds in breaking above the 18682.7 level, then all the weakening correction scenarios that have been described previously will become invalid and automatically cancel itself.

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