Today analysis for Nasdaq, Oil, and Gold

Nasdaq
The Nasdaq closed higher within its range, finding support at the 5-day moving average. While the daily buy signal remains intact, the market showed some corrective movement following yesterday’s doji candle, with selling pressure continuing on the lower time frames.

As the index approaches previous highs, profit-taking is occurring, leading to a temporary consolidation phase. Market flows remain mixed, which could make it difficult for the Nasdaq to break through resistance decisively. However, as long as the index continues to hold the 5-day MA, the potential for a continued rally remains.

On the 240-minute chart, the sell signal remains active, and the market is consolidating within a range. Since the MACD and signal line remain above the zero line, further upside attempts are likely.

For now, a range-trading strategy—buying near support and selling near resistance—remains the most effective approach.

Crude Oil
Crude oil closed higher, breaking above the $72 level. On the daily chart, the MACD has not yet confirmed a bullish crossover, making it too early to fully confirm an uptrend.

Although oil has formed a double-bottom pattern, market flows remain mixed, and since the MACD and signal line are converging near the zero level, a strong breakout or breakdown could occur soon. Given that the weekly MACD remains in an uptrend, buying dips remains the preferred strategy.

On the 240-minute chart, the MACD and signal line have both moved above the zero line, confirming strong buying momentum. If oil breaks above the neckline at $73, a strong bullish move could follow. However, if the market fails to hold above $73, it could settle into a range-bound structure.

For now, buying on dips remains the most favorable strategy, but traders should be cautious, as today’s crude oil inventory report could introduce significant volatility.

Gold
Gold failed to break above its previous high, closing lower. The market remains in a range-bound structure, with the MACD initially turning upward but now shifting back toward the signal line.

If the MACD forms a bearish crossover, gold is likely to remain in a consolidation phase, and the next key question will be whether gold finds support at the 20-day moving average or moves even lower to test previous breakout levels.

On the 240-minute chart, the MACD is pulling back toward the signal line, showing signs of weakening momentum. Additionally, the market appears to be forming a triple-top (head-and-shoulders) pattern, meaning that if the neckline breaks, a further decline could follow.

Given these conditions, the best approach is to trade within the current range, favoring selling near highs while only considering long positions at key support levels.

Stay disciplined, manage risk carefully, and have a successful trading day! 🚀

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