NASDAQ remained in an upward channel on Thursday. The buying momentum eased when the benchmark touched the level 7290. This barrier appeared to be well defended by sellers who rejected the price downwards. The moving averages are all pointing higher. MACD is growing in a positive area. RSI bounced off the overbought territory and is neutral now. The resistance stands at 7290, the support is at 7230.
The overall picture is increasingly bullish. The price is retreating, however, it is a corrective move which won’t last long. The EMA50, which lies in the 7230-7220 area, will most likely stop sellers and will send the rate back towards 7290.