16.11.202320:38 Forex Analysis & Reviews: Technical analysis on NASDAQ for November 16th, 2023.

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Blue lines- bullish channel

NASDAQ is trading around 15,800. Price has formed a bullish channel and is making higher highs and higher lows inside it. Bulls remain in full control of the short-term trend. The RSI has entered overbought levels but so far there are no bearish divergence signs. The lower channel boundary provides support at 15,700. As long as price holds above this level, short-term trend remains bullish. A new higher high is very possible towards 16,000. A break below 15,700 will initiate a pull back towards 15,300.

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