Trade of the week NASDAQ

Trade of the week – NASDAQ hitting the upper band of a long-term channel

 

Our trade of the week is NASDAQ. The instrument is hitting an 8400-8450 zone where is hard upside resistance. We are seeing a rejection from the strong resistance zone on a weekly chart and only a break above the 8450 could lead to a parabolic rise

 

On a daily chart, we can see that the instrument is a narrow wedge with Doji formation giving us a good short trade opportunity which will increase the probability of a huge profit in the case of a break below 8350. Based on this you can place a short trade entry with a stop loss above the 8460 level. The target is 8150 at least. ARMAT trading system is indicating a potential 300 points of profit.

 

We have used the combination of the top-down trading analysis to get these key levels explained in the charts.

Happy trading! (click on the chart to enlarge it)

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