NQ1! NAS100USD NASDAQ 2023 JULY 31
A) Market facing resistance at 16030-15904 area
B) Fallen out of uptrend channel | | Lower High
C) Rotation between 16030 - 15511
D) Weakening upward momentum on W / D timeframe
Possible Scenarios:
1) Rotation strategy: Trade at boundary 16030 | 15904 and 15511 (grey zone 390 - 500pts range).
Target can be 50% of range or trail to rotation boundary.
Price Reaction Levels
Short on Test and reject | Long on Test and Accept
16646 16030 15511 15118
*Longer term: 13350 needs to be supported for long trend to be intact.
Price/Volume/Trend Analysis:
Weekly: Narrowing spread ave vol up bar = weakening momentum
Daily: Lower vol up bar close off high = minor weakness
*NTC = Non-Trend Changing | PTC: Potential Trend Changing
Like and follow if you find this useful | *For education purpose only.
Have a profitable trading week.
