The NAS100 recently broke down from a rising wedge formation on the 1H chart, signaling potential bearish momentum. After failing to hold above 24,700, price rejected the upper channel and is now trading below the wedge support.
Here’s my thought process:
• Pattern: Rising wedge, a bearish reversal pattern.
• Rejection Zone: Price failed at 24,705 resistance, confirming sellers stepped in.
• Breakdown Confirmation: A clean break below wedge support increases bearish bias.
Here’s my thought process:
• Pattern: Rising wedge, a bearish reversal pattern.
• Rejection Zone: Price failed at 24,705 resistance, confirming sellers stepped in.
• Breakdown Confirmation: A clean break below wedge support increases bearish bias.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.