KEY SUPPORT: 12700-750 KEY RESISTANCE: 13270-330 short term: buying dips on the way up to 13300 (completion of inverse H&S), with heavy buy limit at 12760. Long term: wait for break and retest of neckline for long entry. Half and full H&S targets noted on graph.
Outlook: Short term - Bearish Long term - Bullish Sellers picking up, cross-over on the 240m MACD - expect price to retreat to 12730/780 before finding enough buyers to take us back to and above 13300 level.
Inverse H&S forming on the 60m. Previously expected that a move up to and above 13300 would come later this week. However, due to a strong presence of buyers around 12400-450, I think this upwards move may come even sooner than anticipated, especially if we can close today above 12770-810.
Recent activity looking similar to the Sept 2020 correction. Will look for a retest of the trend line to place long trade. Would expect such a move late next week, but could trigger early depending on today's US NF Payrolls outcome. If price breaks below trend, and below 12160-190 level, I will be looking to short NAS100 down to 11k.
After finding strong support in the 12498-12520 area, now looking for a reversal. 60m showing a macd crossover, and potentially forming an inverse h&s. Looking for entry on formation of right shoulder, or on a break & retest of a neckline. Target 12968
Looking for rejection on medium term trend line. Looking similar to bounce off of trend line 25/02. (Cross-over on the hourly MACD will provide further confirmation). SL: 13167 // Target: 12775. If price breaks above 13170, will look for a buy entry targeting 13358.