hello traders i hope you had a profitable week , today we are taking a look at US100.
since the beginning of 2023 Nasdaq Started a Bullish Move from 10690s to 1590s.
Analysing the WEEKLY tf we can see that the buyers dominated the market which caused the price to form higher and higher highs and forming a BULLISH TREND LINE .
But it this summer it seems like the buyers are weakening since the price recently failed to form a higher high instead it broke market structure and formed a lower high.
The RSI indicator can confirm this statement as it indicates a Bearish divergence since the beginning of june (price forming higher highs on chart but lower highs in rsi).
indicating the strenght of the buyers is declining.
we can also spot A reversal pattern the DOUBLE TOP which also indicates this possible bearish reversal.
Here are our Bearish Clues :
- Break in Market structure
- DOUBLE TOP formed
- Bearish RSI signal
Confirmation : Break of the Bullish Trendline
Extra Confirmation : Break of the double top neckline.
i believe the market my start a strong bearish move that will push the price down atleast to the 14000s.
i post SETUPS and analysis for free on my trading view for FREE be sure to follow me to not miss out.
this is not financial advice just my humble opinion trade safe !
since the beginning of 2023 Nasdaq Started a Bullish Move from 10690s to 1590s.
Analysing the WEEKLY tf we can see that the buyers dominated the market which caused the price to form higher and higher highs and forming a BULLISH TREND LINE .
But it this summer it seems like the buyers are weakening since the price recently failed to form a higher high instead it broke market structure and formed a lower high.
The RSI indicator can confirm this statement as it indicates a Bearish divergence since the beginning of june (price forming higher highs on chart but lower highs in rsi).
indicating the strenght of the buyers is declining.
we can also spot A reversal pattern the DOUBLE TOP which also indicates this possible bearish reversal.
Here are our Bearish Clues :
- Break in Market structure
- DOUBLE TOP formed
- Bearish RSI signal
Confirmation : Break of the Bullish Trendline
Extra Confirmation : Break of the double top neckline.
i believe the market my start a strong bearish move that will push the price down atleast to the 14000s.
i post SETUPS and analysis for free on my trading view for FREE be sure to follow me to not miss out.
this is not financial advice just my humble opinion trade safe !
