- March 17, 2023
- Posted by: Tradingshot Articles
- Category: Stock Indices
Nasdaq (NDX) rebounded yet another week on the Bear Cycle Lower Highs trend-line and has recovered all the losses of the previous three. On top of that, this is the 7th straight 1W candle close above the 1D MA200 (orange trend-line), which as you see on this 1W chart, it was been the Resistance during the 2022 Bear Cycle, having closed all 1W candles below it since January 17 2022.
The 1D MA200 is now the Support once again, as it was during the 2020-2021 Bull trend and especially the last four 1W candles have been supported tightly. With the 1W RSI on Higher Lows since May 16 2022, basically an early signal of the current trend-change, we can claim that the new Bull Cycle has just only started.