Hello Traders, welcome to this free and educational multi-timeframe technical analysis .
On the weekly timeframe Nas100 is currently retesting a quite obvious weekly previous resistance area which is now turned very strong weekly support. In confluence with a recent trendline breakout and also a bullish ema-crossover I do expect at least a short term rejection away from this quite important weekly structure zone.
On the daily timeframe we are also now retesting a previous daily support area which is turned support again, so if we get some more bullish confirmation it is quite likely that we will see at least a short term rejection towards the upside from here.
Thank you for watching and I will see you tomorrow!
You can also check out my previous analysis of this asset:
Monthly Candel looks very bad to take long position. New low is coming.
basictradingtv
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@orimichaeli, you are absolutely right about that!
FTrading76
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@basictradingtv Wow, you just invalidated your whole analysis with this "you are absolutely right about that"! So, you are not so sure what your telling in your videos?
ositrades
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This is going lower low. The bearish divergence at 12858 was pretty clear. The time has truly come.
10662 is the only credible support here, and will likely be lost, which is then a free fall to 8128.
basictradingtv
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@ositrades, Let's see, would be great for longer term buys ;)
evildrome
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@ositrades, Agree 100%. Double top confirmed two weeks ago. CTA's are turning short, poor real world fundamentals (though that doesn't seem to matter much nowadays).
New low is coming.