Could Nasdaq extend its gains?

“Market participants re-evaluate the latest guidance from Federal Reserve, limiting Nasdaq’s current upside bias.”

While Nasdaq is on track to close the week higher, investors continue to wrestle with the latest direction from Federal Reserve that could limit its gains. On Wednesday, the US central bank announced a 25 basis point rate hike as widely expected. While t   prior banking crisis may have pressured the Fed to pause its aggressive rate hike, they emphasized that inflation remains at high stake. Analysts believe that the central bank may come back with full force on rate hikes when it is deemed appropriate soon.

Technical Analysis

NASDAQ, Daily: Nasdaq extend its gains from lower boundaries following a rebound from the 200-MA line. However, MACD shows diminished bullish momentum suggesting its price to experience short-term retracement.

Resistance level: 12775, 13675

Support level: 12065, 11330

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