Super Bullish for NAS, When Will We Break Out??
Looks like NASDAQ is leading the way in the stock market in terms of bullish strength. We're knocking on the door of ATH's, and I can say with some confidence that we will breakout at some point in the near future. It's possible that we can break past ATH's on the first attempt, but I am a little reluctant to become an aggressive buyer just yet. A small rising wedge pattern looks like it's forming, and I would like to see us retest the 50 Day MA as support. Both the 200 and 50 Day MA are now trending up, so this retest followed by a bounce would be an ideal setup for a trade.
I've also seen these rising wedges breakout to the upside for the NASDAQ so this is also very possible, especially considering that we remain in a strong long term uptrend. If we manage to break past 7200 then then I would see this as an ideal setup for a trade as well. Often when breaking out from ATH's or any bullish pattern, you can expect a quick correction back to test the breakout level as support, so that can present a good buying opportunity if you miss the initial breakout.
I've also seen these rising wedges breakout to the upside for the NASDAQ so this is also very possible, especially considering that we remain in a strong long term uptrend. If we manage to break past 7200 then then I would see this as an ideal setup for a trade as well. Often when breaking out from ATH's or any bullish pattern, you can expect a quick correction back to test the breakout level as support, so that can present a good buying opportunity if you miss the initial breakout.
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Long Term Trend
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At ATH Resistance levels now. I'm anticipating a bit of a pullback as a lot of tech stocks are looking overbought right now but we will have to see how it plays out. Definitely feels like we need at least a small correction soon.
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Looks like the NAS100 -1.11% is having a small correction as anticipated. Key levels I'm looking out for is 7k, and if we drop below this then 6860. RSI could do with cooling off a bit on the 4 hour and daily time frames so a small correction would be healthy. We will have to see how far it drops but I'm fairly confident that we will stay above 6860.
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Looks like we're getting the pull back now, Still looking for either 7000 or 6860 at the lowest to hold. From there I will be a buyer.
Trade active:
Just entered a long position.
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This one's working out nicely, looking to take some profit around 7500-7600 pver the next few weeks.
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Update
