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The NASDAQ index is buying and selling to a brand new session excessive. The value simply reached 11591.13. The present worth is just under that at 11584.67 up 222.84 factors or 1.96%.
Technically, the worth has additionally moved again above its 200 hour transferring common (inexperienced line within the chart above). The 200 hour transferring is at 11461.37.
The value of the NASDAQ final traded above the 200 hour transferring common on June 28 and earlier than that on June 27, however momentum pale and the worth moved again to the draw back.
If the worth can keep above the 200 hour transferring common, the shorter-term bias stays extra to the upside with the excessive worth from final week at 11661.02 as the subsequent goal adopted by the 38.2% retracement of the transfer down from the March 30 excessive at 12124.37.
Conversely transfer again beneath the 200 hour transferring common, and consumers will possible be disillusioned as soon as once more.
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