If you're like me, then you've been watching the Nasdaq like a hawk lately. The upcoming presidential election, the sudden halt to stimulus talks and a potential cure to the coronavirus has Wall Street turned upside down.
Looking at the charts, the Nasdaq is currently trading on the backside of support... and may create a new trading channel.
Trading channels are ranges in which a market trades between support and resistance. Support consists of the top part of a channel while resistance consists of the bottom part.
If and when the Nasdaq creates a new channel, you have to prepare yourself for the uncertainty that's going to come…
And good luck trying to find the buy and sell zones — things are about to get a lot more difficult.
If you're looking to enter a trade right now in the Nasdaq with no drawdown, you might be in over your head. |
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