Current price: 30140
Key point: 30240
Our preferred strategy: Sell positions below 30240 with a first target of 29920 and then a second target of 29750.
Alternative scenario: Stop loss and trend reversal upon breaking the 30350 level, targeting the 30650 level.
Technical commentary
The Nasdaq index reached levels of 30760, which is considered its all-time high formed last June, and then declined from there, forming a false breakout pattern after breaking the support level of 30245.
If the price remains below this level, it will head towards the 29920 level, and if it breaks below it, it will continue its decline to the 29750 level.
