NASDAQ holding the 1 month pattern

Nasdaq (NDX) is pull-back following Friday’s high. This is nothing more than a technical 1-month pattern which, supported by the 4H MA50 (blue trend-line) is posting rises around +6% and pull-backs around -3.5%.

The 4H MA50 is currently a little over 11800 and a -3.80% pull-back (max on the pattern) can make exact contact with it tomorrow. With the Higher Lows trend-line just below it, we are willing to buy there and aim at a +5.85% rise at 12530.

The 4H RSI Buy Zone can offer additional insight on the buy entry. A break and closing below the 4H MA200 (orange trend-line), would be a trend change and sell signal towards 10800.

Tradingview link:

https://www.tradingview.com/chart/NQ1!/8LB4yOPT-NASDAQ-holding-the-1-month-pattern