NASDAQ 100 has been in a downtrend for the last couple of weeks. This has caused a lot of stock to retrace.
As of now we are at the bottom of the Ichimoku Cloud on the Weekly chart. We have perfectly formed a bottom on the Ichimoku Cloud and respscted it as support for three weeks. This level is what is holding up the NASDAQ 100. We have also formed a resistance confirmed by the EMA Ribbons. I am currently looking out for a daily close above 14080 to confirm any bullish price action. As long as we are under 14080 the NASDAQ has a tendency of breaking below the major support of the Ichimoku Cloud. This scenario is highly unlikely due to the fact that we have a red 9 on the TD-Sequential which indicates that we are at or near the bottom. We also have a bullish divergence on the CM_Ult_RSI which is a good signal of reversal.
Look for a breakout of the 1st EMA Ribbon (14370) and a short term rejection of the second EMA Ribbon (14750). If the 1st EMA Ribbon gets mounted as support the NASDAQ will be looking extremely bullish.
*WARNING* This thread is not financial advice. I am not a financial advisor.
Thank you for reading.
As of now we are at the bottom of the Ichimoku Cloud on the Weekly chart. We have perfectly formed a bottom on the Ichimoku Cloud and respscted it as support for three weeks. This level is what is holding up the NASDAQ 100. We have also formed a resistance confirmed by the EMA Ribbons. I am currently looking out for a daily close above 14080 to confirm any bullish price action. As long as we are under 14080 the NASDAQ has a tendency of breaking below the major support of the Ichimoku Cloud. This scenario is highly unlikely due to the fact that we have a red 9 on the TD-Sequential which indicates that we are at or near the bottom. We also have a bullish divergence on the CM_Ult_RSI which is a good signal of reversal.
Look for a breakout of the 1st EMA Ribbon (14370) and a short term rejection of the second EMA Ribbon (14750). If the 1st EMA Ribbon gets mounted as support the NASDAQ will be looking extremely bullish.
*WARNING* This thread is not financial advice. I am not a financial advisor.
Thank you for reading.
Trade closed: target reached