Nasdaq reaching the confluence of the resistance
In this article, we are drawing Pitchfork channels for NASDAQ
On the Weekly Nasdaq chart, we can see that the instrument is in sideways uptrend channel and it is reaching the confluence of the resistance after a bounce from 7000 level which is well displayed on a daily chart below.
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Summer trading boot camp 2019 5 best students will get $10.000 Live funded account to tradeUsing Andrews Pitchfork tool hint: to plot Andrew’s Pitchfork on a chart, first, look for three consecutive big highs or lows at the asset’s price. These key points are highlighted in the chart below.
We have used the combination of the top-down trading analysis and the Andrews Pitchfork channels to get to a trading entry stop loss levels and targets indicated below.
On the Daily chart, the instrument formed a new downtrend Pitchfork channel which could lead to a test of 7500 level. By a trading perspective, look for the long trade entries with the stop loss above 7800 to target 7500 level. Downside invalidation will come on a stop loss trigger and a daily close above the 7800 level. Look for a 7250 target especially in the case of a break below the 7500 level.
