USTECH 100 (NASDAQ) Technical Analysis as on 16th May 2022


Since it peaked at 16750, the NASDAQ has been on a downturn. It just achieved a bullish confluence point, when three variables for a short-term upwards bounce have converged.

1. A horizontal support zone extending from 11680 to 12025.

2. A falling channel with a fake breakthrough.

3. A bullish divergence emerged between the most recent two lows.

It is predicted to reach the top of the channel, which corresponds to horizontal resistance between 12628 and 12898.

If it breaks over 12898, the next goal is predicted to be around 13800, otherwise, it is expected to continue falling after a short-term corrective rebound.

NASDAQ Technical Levels on 16th May 2022