Nasdaq futures (NQ) haven’t looked back after creating the strong double bottom base on 6th Jan 2023 with closing at 11,113. We got six consecutive green days after that, which indicates the strength of the bottom made in early Jan.
The Nasdaq futures made a strong base at 10,800 and our early buy signals on the hourly charts came at 10,800 itself, for targets of 11,500 and 11,600, which were hit last week.
The setup is looking good for testing 12K level, and buying on the recent correction around 11,350 gave good gains. All these updates were also posted on Twitter in real time, to help other Traders.
Nasdaq100 Futures (NQ) recovered fully from day lows by the end of the day, today. That’s a positive sign regarding the support at 12,000 level. Nasdaq Futures lost about 1700 points in the last 15 days since the recent market top on 16th August 2022.
Such intraday recovery by Nasdaq Futures with a “bullish hammer” candlestick pattern can give a rally of 500 to 1000 points, so we can expect a retest of 12,500 and 12,800 levels in the coming week. Strong resistance will come near 13,000 level. A retest of 12,000 level is also possible in the next 1-2 days before this recovery rally comes. Traders can stay long above 12,000 level for targets of 12,500 and 12,800. Thanks.
Following is the Nasdaq Futures daily chart for the last 6 months. The overall downtrend is clearly visible, and all rallies have a strong chance of getting sold off till we make new highs, which is far away. Minimum requirement is 13,800 for safety and more reliable long trades in Nasdaq Futures. Thanks.