NASDAQ is firmly above the upper resistance
On the weekly NASDAQ chart, we can see that the instrument has broken above the long-term Schiff Andrew’s Pitchfork channel 100% resistance 10900 and is still between 100 and 200% channel lines. We saw a perfect bounce off this support and the instrument seems to be going for the upside channel resistance retest 12100 again. A break above could open a hard extension to 13000.
On a Daily chart, we can see that the NASDAQ price action is within the new sideways downside Schiff Pitchfork channel. A break above the channel resistance line 12100 will be perfect for the LONG trade entries. A rejection here will open the SHORT trade entries. You could open a good RR SHORT trade entry with the stop loss just above 12150, if the trade will be stopped you can switch to a long trade entry.
We have used the combination of the top-down trading analysis to get these key levels explained in the charts. To learn more about Andrews’s Pitchfork tool trading strategy register for education.
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