/NQ looking for #short ,#Long above resistance
Hello Traders!!!
I would like to share my Nasdaq100 analysis on my view point. /NQ expected to move based on the fed interest rate decision and QE tapering.
Currently /NQ broke its support at 16150 level on the 4hr time frame. On failure to move higher we can expect selling pressure.
Bullish Scenario: I always like the long idea is profitable one. But sometimes to gain the bullish momentum its needed to go through a correction phase. A very strong resistance seen at 16400. A potential breakout above 16450 offers a bullish momentum will be a buying opportunity. 16700 and 17000 will be the upward targets.
Bearish Scenario: So based on the technical point of view /nq will retest at 16150. we can go for short with stop loss. #Sell High
price at 16000 offers minor support, if this support level breaks then we can expect downside targets 15800, 15600. Bounce back and retest at 16000 level will be possible.
If 16000 level fails to hold support then again selling pressure will trigger which allows to retest the diagonal support on the weekly channel at 15300 which offers very strong support. Don't miss to buy at this level #Buy Low. Again /NQ skyrockets.
Thanks for viewing my idea. I hope this will be useful. please do your own analysis before taking any positions. Pls do follow me, Like and comment your questions and share your view. Happy Trading!!! Good Luck!!!
I would like to share my Nasdaq100 analysis on my view point. /NQ expected to move based on the fed interest rate decision and QE tapering.
Currently /NQ broke its support at 16150 level on the 4hr time frame. On failure to move higher we can expect selling pressure.
Bullish Scenario: I always like the long idea is profitable one. But sometimes to gain the bullish momentum its needed to go through a correction phase. A very strong resistance seen at 16400. A potential breakout above 16450 offers a bullish momentum will be a buying opportunity. 16700 and 17000 will be the upward targets.
Bearish Scenario: So based on the technical point of view /nq will retest at 16150. we can go for short with stop loss. #Sell High
price at 16000 offers minor support, if this support level breaks then we can expect downside targets 15800, 15600. Bounce back and retest at 16000 level will be possible.
If 16000 level fails to hold support then again selling pressure will trigger which allows to retest the diagonal support on the weekly channel at 15300 which offers very strong support. Don't miss to buy at this level #Buy Low. Again /NQ skyrockets.
Thanks for viewing my idea. I hope this will be useful. please do your own analysis before taking any positions. Pls do follow me, Like and comment your questions and share your view. Happy Trading!!! Good Luck!!!
Comment:
Hello Traders! As expected /nq broke its major support at 16000 level. It almost reached its first target 15600 level. there is a support at 15540. if the price falls below this level then we can expect 15430 and it may extend upto 15250. we can also expect bounce at support levels. #Buy Low #Buy Low #Buy Low