NAS100 bullish forecast but first look out for this!
Hello traders,
Happy to be back here after a short break. Let's start of with Nas100 as usual.
Technically, we have seen significant developments the past couple of weeks. With U.S. stocks rising tremendously the past weeks due to the Federal Reserve approving to hike interest rate for the first time in more than three years since December 2018. Recently we saw downward slight correction in giant stocks that also sent Nas100 down from its recent high of 15270.00, correcting with at least -7.50% as of time of writing.
At this very moment, we are not fully certain if the downward move will still continue and where it will end.
Meanwhile, I have spotted some signs of price reversal at around 14000.00-14200.00.
First: Looking at Daily or 4 hour time-frames I spotted a triple bottom, obviously a market structure that sponsored the move to the upside on 15 March 2022, fueled by FED interest rate hike. The market currently trading in the vicinity of the previous broken high that we can consider as our neckline. If this means a retest of the neckline we could see price reacting at this level and market resume its bullish move.
Second, on lower time-frame. I have spotted a broadening Descending Wedge, a classic pattern considered as a reversal sign. If all these play out accordingly, we could see price reversing up to resume the upward momentum that will eventually even take price higher. For proper buy entries, it is best to wait for the broadening descending wedge broken to the top to confirm buyers strength.
30 Minutes timeframe: Broadening Descending Wedge
We should still carefully consider how the market will respond during the New York session opening today. We can expect fake moves to the downside or we can expect a strong impulse to the downside if sellers continue to press harder. If bears do press harder and break the 14000 psychological level and defend it, then our next support will be 13840.00 and 12950.
Traders, if you find this idea helpful please do show your support with likes. If you have any suggestion please do share it in the comment section below.
Trade smart❤️
Happy to be back here after a short break. Let's start of with Nas100 as usual.
Technically, we have seen significant developments the past couple of weeks. With U.S. stocks rising tremendously the past weeks due to the Federal Reserve approving to hike interest rate for the first time in more than three years since December 2018. Recently we saw downward slight correction in giant stocks that also sent Nas100 down from its recent high of 15270.00, correcting with at least -7.50% as of time of writing.
At this very moment, we are not fully certain if the downward move will still continue and where it will end.
Meanwhile, I have spotted some signs of price reversal at around 14000.00-14200.00.
First: Looking at Daily or 4 hour time-frames I spotted a triple bottom, obviously a market structure that sponsored the move to the upside on 15 March 2022, fueled by FED interest rate hike. The market currently trading in the vicinity of the previous broken high that we can consider as our neckline. If this means a retest of the neckline we could see price reacting at this level and market resume its bullish move.
Second, on lower time-frame. I have spotted a broadening Descending Wedge, a classic pattern considered as a reversal sign. If all these play out accordingly, we could see price reversing up to resume the upward momentum that will eventually even take price higher. For proper buy entries, it is best to wait for the broadening descending wedge broken to the top to confirm buyers strength.
30 Minutes timeframe: Broadening Descending Wedge
We should still carefully consider how the market will respond during the New York session opening today. We can expect fake moves to the downside or we can expect a strong impulse to the downside if sellers continue to press harder. If bears do press harder and break the 14000 psychological level and defend it, then our next support will be 13840.00 and 12950.
Traders, if you find this idea helpful please do show your support with likes. If you have any suggestion please do share it in the comment section below.
Trade smart❤️
