US100 Bullish Continuation Simple Technical Analysis
US100 has been trapped in a bullish pennant with its divergent high around 15814 USD beginning of August 2023. Price has twice confirmed the Fibonacci Retracement level of 23.6% of the initial bullish wave as support at the lows of the pattern. It has been trading around a flat 50 day EMA and closed Friday with a bullish engulfing candle at the 50 day EMA, giving the 23.6% level a goodbye kiss while also breaking the 14895.6 USD high of 02 October 2023.
Over the coming week we may see price have a short retest of the 14895.6 USD level where long opportunities may present themselves. an even bullish stronger signal will be if US100 closes bullishly above 15065 USD.
Price may stretch to 15930 USD to retest the highs of July 19th 2023 before pushing higher towards the -0.618% Fib level of the previous bullish wave resting comfortably at 19255 USD. A weaker US Dollar may be a catalyst for the US100 Bull Wagon.
Bullish sentiments will be off the table if US100 closes below 14520 USD over the short term backed with a stronger US Dollar.
Like, comment and follow if this was helpful to you ;)
Over the coming week we may see price have a short retest of the 14895.6 USD level where long opportunities may present themselves. an even bullish stronger signal will be if US100 closes bullishly above 15065 USD.
Price may stretch to 15930 USD to retest the highs of July 19th 2023 before pushing higher towards the -0.618% Fib level of the previous bullish wave resting comfortably at 19255 USD. A weaker US Dollar may be a catalyst for the US100 Bull Wagon.
Bullish sentiments will be off the table if US100 closes below 14520 USD over the short term backed with a stronger US Dollar.
Like, comment and follow if this was helpful to you ;)