Nasdaq/ US100 is trading exactly at the bottom (Rising Support) of the Channel Up.
Being under the 1day MA100, this is its last chance to recover. A crossing under it, sets in motion a decline to the 1day MA200 and we should look for a bottom after the 1day RSI gets oversold under 30.00.
A Channel Down can be the driving pattern to the 1day MA200 and we should also consider the Fibonacci retracement levels since the Channel Up started. The 0.382 Fibonacci fits ideally a touch on the 1day MA200.
As long as the 1day candle is closing inside the Channel Up, buy (very low risk now) and target 15,940 (Resistance). If it breaks, sell and target 14,100.
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Being under the 1day MA100, this is its last chance to recover. A crossing under it, sets in motion a decline to the 1day MA200 and we should look for a bottom after the 1day RSI gets oversold under 30.00.
A Channel Down can be the driving pattern to the 1day MA200 and we should also consider the Fibonacci retracement levels since the Channel Up started. The 0.382 Fibonacci fits ideally a touch on the 1day MA200.
As long as the 1day candle is closing inside the Channel Up, buy (very low risk now) and target 15,940 (Resistance). If it breaks, sell and target 14,100.
Follow us, like the idea and leave a comment below!!
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