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US100, Time frame: Daily, Tools: SMA 20+50A closer look at the Nasdaq Index shows that price action is currently moving sideways within a symmetrical triangle pattern, a technical formation characterized by lower highs and higher lows. This pattern helps anticipate the market's next move, whether through a breakout above the triangle's resistance or a breakdown below its support.
Symmetrical triangles can act as either continuation or reversal patterns, depending on how price behaves once it exits the formation.
Therefore, we will closely monitor the 30,700 level as a key resistance area, while the 29,000 level represents an important support zone, further reinforced by the 50-day moving average. Additionally, the 29,700 level can be viewed as a pivotal point for the Nasdaq, as it has previously acted as a significant reversal area, making it an important level to watch in determining the index's next directional move.
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