NASDAQ 29th January 2025 Daily Analysis Based on Main Key Levels

The NASDAQ is currently trading at a Daily Current Market Price (DCMP) of 21,532. Below is a detailed analysis of key levels, trade setups, and technical insights to help you navigate the market.

Key Levels Summary

Above DCMP (Resistance):

Resistance 1: 21,491

Resistance 2: 21,600

Resistance 3: 21,777

Below DCMP (Support):

Support 1: 21,198

Support 2: 21,030

Support 3: 20,853

Swing High and Low:

Swing High: 22,143

Swing Low: 20,515

Technical Analysis

Pivot Levels:

Pivot: 21,643

Support 1: 21,198

Resistance 1: 21,638

Fibonacci Levels:

Key retracement and extension levels align with the support and resistance zones mentioned above.

RSI Divergence:

RSI is hovering near neutral territory, indicating a balanced market sentiment.

MACD Crossing:

MACD is showing a slight bearish crossover, suggesting potential short-term downward pressure.

Trade Setups

Intraday Buy Trade Idea

Entry Price: 🎯 21,198

Stop Loss: 🛑 20,853

Take Profit 1: ✅ 21,491

Take Profit 2: ✅ 21,600

Rationale: The price is near a strong support zone, making it an ideal level for a bullish reversal.

Intraday Sell Trade Idea

Entry Price: 🎯 21,638

Stop Loss: 🛑 21,777

Take Profit 1: ✅ 21,198

Take Profit 2: ✅ 21,030

Rationale: The price is approaching a key resistance level, offering a potential shorting opportunity.

Conclusion

The NASDAQ is currently trading within a defined range, with key support and resistance levels providing clear trade opportunities. Traders should watch for price action around the pivot level of 21,643 for further directional cues. Use the above trade setups with strict risk management to capitalize on intraday movements.