The buy setup in the NAS100 (US 100 Cash CFD) chart is based on a combination of trendline support, horizontal support, and Fibonacci retracement levels. Here’s a breakdown of the key elements supporting the buy setup:
1. Key Support Zone
The price has pulled back to a strong horizontal support area (marked in green).
This level aligns with the ascending trendline support (yellow), which has been respected multiple times in the past.
The 23.6% Fibonacci retracement level (around 19,449) is also nearby, adding confluence.
2. Bullish Reaction from Support
The chart suggests that if price holds this support and starts moving up, it could trigger a buy opportunity.
The expected move is towards the previous high (22,255.52), which acts as a resistance level.
3. Breakout Confirmation
If price successfully breaks above the previous high (22,255.52), it could confirm a bullish continuation.
The projected target is around 25,000, which aligns with the -27% Fibonacci extension.
4. Trade Execution Plan
Entry: Buy near the current support (around 20,460 - 19,500).
Stop-Loss: Below the recent swing low (below the green support area).
Take Profit: First target at 22,255, with a potential extension to 25,000.
Conclusion
This setup suggests a trend continuation after a pullback, with strong technical confluence supporting a bullish move. The key confirmation will be price holding the support and breaking above 22,255.
1. Key Support Zone
The price has pulled back to a strong horizontal support area (marked in green).
This level aligns with the ascending trendline support (yellow), which has been respected multiple times in the past.
The 23.6% Fibonacci retracement level (around 19,449) is also nearby, adding confluence.
2. Bullish Reaction from Support
The chart suggests that if price holds this support and starts moving up, it could trigger a buy opportunity.
The expected move is towards the previous high (22,255.52), which acts as a resistance level.
3. Breakout Confirmation
If price successfully breaks above the previous high (22,255.52), it could confirm a bullish continuation.
The projected target is around 25,000, which aligns with the -27% Fibonacci extension.
4. Trade Execution Plan
Entry: Buy near the current support (around 20,460 - 19,500).
Stop-Loss: Below the recent swing low (below the green support area).
Take Profit: First target at 22,255, with a potential extension to 25,000.
Conclusion
This setup suggests a trend continuation after a pullback, with strong technical confluence supporting a bullish move. The key confirmation will be price holding the support and breaking above 22,255.
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For Training visit.
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Website techtradingacademy.com
Slack: wavetraders.slack.com
Telegram: t.me/Wavetraders
X: twitter.com/Wave__Trader
FB: facebook.com/WTimran
Website wave-trader.com
Website techtradingacademy.com
Slack: wavetraders.slack.com
Telegram: t.me/Wavetraders
X: twitter.com/Wave__Trader
FB: facebook.com/WTimran
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.