.Nasdaq faces selling pressure, leaning on 50 Day EMA 19257
.Bulls need to reclaim overhead resistance 19610
.INVIDIA results keeping bulls on toes.
Initial bullish rebound attempts lost steam at 19625 as bears took control pushing the tech index lower to approach 50 Day EMA dynamically positioned at 19257
Markets remain concerned about INVIDIA results as news of some houses reducing exposure in the stock increased traders worries.
Bulls need to defend this zone as sustained break below this area will extend decline further to next leg lower 19000 followed by 100 Day SMA 18950
On the higher side, consolidation above immediate hurdle 19525 will ease the way to retest day high 19625 which is turning point to further upside initially targeting 19780-19930
Major resistance sits at 20008
The views of the article are based on price action studies, technical analysis and chart-based studies. The author does not hold positions on items he writes about. The views expressed are for educational purposes and are not trading advice.
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