To The Moon

Nasdaq pegged back by bears

The bulls of $NASDAQ(.IXIC)$faced some resistance from the bears at about the 12100 range and were pushed back to below the12000 breakout range but successfully maneouvered themselves to close above 12000. A doji was formed indicating a pause and stalemate at current levels. The victor of the ongoing battle at these levels might indicate which way the market moves in the short term.

Volume was slightly higher but by not much and the key levels for the bulls to attempt to surpass is 12600 whereas the bears will be looking to break 12000 to negate the breakout at 12000 levels (caution alert: volume was not convincing at breakout and hence might turn out to be a false breakout and bull trap)

Short term wise, there might be some pressure on the bulls to sustain a push north but longterm wise, there is still some hope for the index to resume the uptrend once the macroeconomics clear and more certainty is in the air.

It is always tricky to guess the bottom so my take is to take small positions in good counters or add on to postions already held. There might be another leg down or there might not bebut the risk rewards here are rather good if you can stomach a bit of volatility here and there.

Stay safe 😊