Medium term view - NASDAQ COMPOSITE : Major resistance reinstated.
The trend is still neutral, but the consolidation shape reminds of a bearish reversal. Breaking below the support at 6,528.300 pts would validate the existence of a bearish trend with an invalidation above 7,637.270 pts. The market looks like it is going through a distribution phase.Arguments :
- The major resistance has been shortly breached, but it is now reinstated. Prices can fall.
- The moving average is supporting prices.
- A wedge is forming.
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