Nas100: investors reaction will confirm its direction
Nas100 direction is quite complicated at the moment. We can only wait to see how investors will react as price is currently on a very strong support level. Even though there's no much clue of it's direction, I have noted some technical signs which might send price up. The past week we saw very strong impulse to the downside, which eventually was supported by the 50 moving average and below it is the 100 moving average. Price bounced up very strongly from the 50 moving average where price rallied up strongly with almost 6%. This rally was strong that to me it shows a sign of bullish momentum.
Taking a closer look at the lower timeframe analysis, we do also see that it retraced down to a significant level which is not only offering as a solid support level but also a 38.2% fibonacci level. This level is known as an institutional level. We should not be surprised if we see a strong rejection on this level and price being pushed higher.
On the other hand, a complete violation of this level to the downside, the only levels we should carefully scrutinise Nas100 is on the 50% and 61.8% Fib Level.
I will only wait for good confirmation around this levels to give me good signs for buy opportunities with first target of 16400 and second target of 16757.
Traders, I strongly advice that you make your own analysis before making any investment decisions. What you do from my idea should be from your own discretion and responsibility should be taken by yourself for whatever result springs from your own action.
Otherwise if you find this helpful please do show your support with likes.
Wishing everyone success in trading.
Taking a closer look at the lower timeframe analysis, we do also see that it retraced down to a significant level which is not only offering as a solid support level but also a 38.2% fibonacci level. This level is known as an institutional level. We should not be surprised if we see a strong rejection on this level and price being pushed higher.
On the other hand, a complete violation of this level to the downside, the only levels we should carefully scrutinise Nas100 is on the 50% and 61.8% Fib Level.
I will only wait for good confirmation around this levels to give me good signs for buy opportunities with first target of 16400 and second target of 16757.
Traders, I strongly advice that you make your own analysis before making any investment decisions. What you do from my idea should be from your own discretion and responsibility should be taken by yourself for whatever result springs from your own action.
Otherwise if you find this helpful please do show your support with likes.
Wishing everyone success in trading.