Nasdaq Forex Signal 12/12: Buyers On Dips (Video)

(MENAFN- Daily Forex) Potential signal:

• I am a buyer here with a small position.
• The stop would be just under 25k, and I am aiming to see all-time highs again.

The Nasdaq 100 traded noisily, pressured early by Oracle's weak outlook before recovering. Despite AI-stock jitters and seasonal volatility, support remains near 25,000, with 26,000 as resistance. The broader uptrend stays intact, keeping the market in buy-the-dip mode.

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The Nasdaq 100, as you can see, has shown itself to be very noisy during the trading session here on Thursday, initially breaking down, only to turn around and show signs of life again. This is mainly, I think, due to Oracle and its dismal outlook. And of course, we've seen the market come back, but the Oracle AI jitters mentioned in the news headlines were just simply more questions about whether or not we're in a bubble. We are. But Wall Street likes to forget that, and they like to push the same stock. So a lot of people who had been looking to buy AI-related stocks did. At this point, we are looking very much like a market that's trying to flatten out a bit after that massive rally during most of the year. And a little bit of consolidation makes a lot of sense.

Key Support and Resistance Structure

With this being the case, I think you have to understand that the 25,000 level is likely to continue to be support, although we didn't get anywhere near there. I think that's your floor. If we can break out to the upside after today's action, it really wouldn't surprise me if we do that. 26,000 will be a barrier.

EURUSD Chart by TradingView

Once we break there, then we're off to the races. I anticipate that's what eventually happens, but I also recognize that this time of year, there's a lot of volatility. Of course, we are heading into a Friday session. As we start to go towards the holidays, liquidity drops, jitters increase, blah, blah, blah, blah, and rinse and repeat. We are in a bullish market. There's no reason to get short. At this point, I'm a buyer.

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