Hey hey friends and family of Tradingview. Here we go again😁
From my previous analysis on Nas100 I said about it finding support around 15600 for the reason that it printed a pin-bar. I also stated that it would be very difficult for bears to run the race to the downside penetrating through and down the pin-bar. I understand that some are anticipating the move to the downside, and I know, I know, maybe they have some sell positions stack somewhere. Maybe not! Hahahaha, but for me I am still holding onto my bullish bias for various reasons. Please note that we cannot pin point every technical detail on the chart less you find my charts looking nasty and dirty. I am trying my best to pin point few technical details why I feel that Nas100 has found bottom and we could expect a bullish run:
To start, Nas100 is moving in a high timeframe ascending channel. The support of this channel was already reached, first it broke out of the support, it rose and again it came back to this support. Towards the market close on Friday we saw a bounce up from this support, yes again, for the second time. What do you think? Could this be a double bottom? If so then my hope of price reaching to 16400 or even 16500 is not something to doubt. But the question is, how are we going to reach 16400 when there is 16000 significant level ahead of us? If bulls successfully violate 16000 then it would be easy for them to take price higher, since 16000 will mark as a neckline of the double bottom. It is very possible that we could see price reaching 16000 very fast this week and for this reason: first take a look at the snapshot below on lower timeframe.
Inverse Head and Shoulders on Lower Timeframe: What we see is a clear inverse head and shoulders pattern. I expect price to rise, since price closed above the neckline on Friday. If there is any retracement, I believe that is only to mitigate some positions for those still holding their positions below and we could see a strong impulse to the upside.
Pin-Bars around the demand zone (Daily Timeframe):
Have you any different thoughts and opinion? Feel free to share with me and everyone in the comment session below.
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I see inverted head and shoulders all day long 4hr, Double bottom on daily agreed. It will take bad news to cause nas to completely violate channel bottom
Excellent analysis as always bro! It keeps ranging below the high timeframe ascending channel BUT the Volume is closing within the channel which would lead me to a bullish bias for now Until IF and only if volume closes below the channel. Thanks again!!
Forexintelligence_NA
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@BusinessBeyond Yes bro. Thank you for your continuous support and kindness and happy new year to you.
True, for a while it kept on ranging around the support of the rising trendline. If bears were strong enough they could already pushed price completely lower, but they terrible failed, again for the second time last Friday. Let's hope this could trigger buyers to push price higher. All the best bro and keep on trading smart.