22, July 2016

Nasdaq (a 4-hour chart)

Nasdaq (a 4-hour chart)

Current situation

The instrument was in a sell mode yesterday. The index decreased from the all-time highs to the mark 4637. The resistance is at 4650, the support is seen at 4600.

MACD decreased which indicates the buyers’ positions weakening. RSI left the overbought area which is a sell signal.

The price snapped the 50-EMA in the 1 hour chart. The moving averages (50, 100 and 200) are moving upwards.

Trading recommendations

The NASDAQ is overbought. The most likely scenario involves a move towards 4600.