NASDAQ 100 - longing the correction

The US 100 composite is now correcting from its monthly rally. The market remains still bullish.

We want to catch the retest of the high, price is now trading at the hourly 200MA.
Therefore we will long, with the price target of 9700.

We will place buy limit order at price 9530, at demand area.

Traders if you follow this idea, we recommend entering with prudence and proper risk management according to your strategy.
The NASDAQ Composite is one of the most volatile assets on the US financial market. Protect your capital.

Trade active:

Entry area hit

Comment:

Traders, as you already know due to the lately COVID-19 outbreak markets started to fall for the recent week. The Virus fears raise as the"W.H.O. also raises coronavirus threat assessment, now says virus poses a ‘very high’ risk at a global level" - FxFactory. Which made this idea not valid anymore.

However, we now expect the push to the upside from the demand area, due to the tweet on 28 feb " POWELL SAYS FED WILL USE ITS TOOLS AND ACT AS APPROPRIATE TO SUPPORT THE ECONOMY"