Nasdaq(a 4-hour chart)
Wall Street opened the day positively on the back of the technology sector growth. Investors still evaluate the possibilities of an eventual Fed rate-hike in the coming months.
The index traded in an upward channel. The price moved upwards from its lower boundary. NASDAQ could escalate to 4888 and broke above previous day’s top. The price moved away from the 50, 100 and 200 EMAs in the 4 hours chart. All moving averages maintained their bullish slope. The resistance is seen at 4900, the support is at 4865.
MACD remained in the positive area. The histogram grew which is a buy signal. RSI is approaching the overbought area.
The NASDAQ index traded in the green on Tuesday. If the upward pressure persists the index might extend its growth towards 4900. Should the index get below 4865 and the price could ease to 4835.