Nathan_Black

NDX: Be careful! Bearish pattern ahead!

TVC:NDX   NASDAQ 100 Index
Hello traders and investors! Let’s talk about the NDX today!

In the daily chart , we have the idea of a bearish harami, just at a resistance level (black line, previous top at 14,072).

If the index closes under this black line, the market may see this as a false breakout and this would help to make the index fall.

If it falls, then we have a dual-support level around the 13,700, as we have the 21 ema and the red line, which worked as a resistance before, now it can work as a support.

The only thing that could frustrate this bearish sentiment is the 1h chart:


Today’s drop could be just a harmless pullback to the 21 ema in the 1h chart, and the index did several movements like this in the past, so, no way to know how it’ll behave now.

Now it is definitely not the time to buy. The time to buy was last month, when we had some incredible opportunities, and I bought several stocks with my followers, and they are doing incredibly well (several of our stocks are going up more than 40%, like the Brazilian ADRs we like to trade). Now it is the time to manage our positions.

Will the bearish harami prevail, making the index will crash? Only time will tell. Meanwhile, remember to follow me to keep in touch with my daily studies, and support this idea if it helped you!

Thank you very much.
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Comments

Yes. Pullback is highly expected now.
+2 Reply
Nathan_Black iamnicerdicer
@iamnicerdicer, It would be an opportunity to buy, in my view :)

Thanks for the support, my friend!
+1 Reply
Thanks for great chart.
+1 Reply
Nathan_Black Thinus5422
@Thinus5422, You are welcome, my friend! I'm glad you liked it!
Reply