Bulls engulf bears!
Just when we thought the bulls were about to be overrun at $NASDAQ(.IXIC)$, they turned it up a notch to overcome the bears at the 12000 range. In the process, a bullish engulfing candle was formed and closing was above the previous doji as well. Not to be pour cold water but volume was still a bit thin to my liking so I am still apprehensive on the 'victory'.
However, the bulls seem to be in control at the moment and marching towards the daily EMA50 which also corresponds with the previous low and support turned resistance at roughly the 12500 range. Overcome this with volume and we might (a big if!) just see a possible trend reversal from the current short term downtrend and hope that the bottom has been established.
If the bulls do not overcome the resistance at the 12500-12600 range, we might see the bears come out in droves to have another go at the EMA 5, 10 and 20 and make another go at the 11000 level.
One thing to take note is the rally in the hypergrowth stocks which seem to signal that somesee value in that sector and probably indicate that some believe the bottom might have already been in for most of the stocks in that sector.
Stay safe 😊
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