- Nasdaq Futures bullish trend continues with a target of $13,500 at the 50% Fibonacci retracement level.
- RSI indicator is supporting the bullish sentiment with higher highs since September 2022.
- Minor support level at the 0.382 Fib level may provide resistance, but broader market trend and favorable economic conditions suggest potential for further upside.
Bulls target $13,500
Nasdaq Futures have been on an uptrend since September 2022, with bulls targeting $13,500 as the 50% Fibonacci retracement level. The current price stands at $12,800, indicating a potential upside of nearly 5% from current levels.
The Relative Strength Index (RSI) has been printing higher highs since September 2022, indicating the strength of the bullish trend. This suggests that the buyers are in control and are likely to continue driving prices higher.
However, there is a minor resistance level at the 0.382 Fib level, which price is currently trading at. This level may pose some resistance to the current bullish trend, but if it can be breached, it would likely provide a strong level of support for further upside.
The bullish sentiment is supported by the broader market trend, as the Nasdaq Composite index has been steadily rising, buoyed by strong earnings growth and a generally favorable economic environment. This trend is expected to continue in the coming months, with the potential for increased volatility around key events such as earnings releases and economic data releases.
In summary, Nasdaq Futures bulls are targeting $13,500 as the 50% Fibonacci retracement level, with the RSI printing higher highs since September 2022. The only bearish case is the minor resistance level at the 0.382 Fib level, which price is currently trading at. However, the broader market trend and favorable economic conditions are likely to support further upside in the near term. Traders should keep a close eye on key support and resistance levels to capitalize on potential opportunities.