The NASDAQ 100 index continues to move within an ascending channel. After testing support around 22,440 and forming a continuation pattern, the price bounced upward and held above the key level of 22,697. The current structure signals potential for short-term growth.
Technical Signals & Formations:
Price remains within an upward channel
EMA supports the bullish trend
An ABC pattern is forming toward the upper channel boundary
The current impulse is gaining strength after exiting the correction
Key Levels:
Support: 22,664; 22,527
Resistance: 22,974 (upper channel boundary), 23,080 (target zone)
Scenario:
Primary: If the index holds above 22,697, a continuation toward 22,974 and 23,080 is likely.
Alternative: A drop below 22,664 may lead to a decline toward 22,527 and the lower channel boundary.
Technical Signals & Formations:
Price remains within an upward channel
EMA supports the bullish trend
An ABC pattern is forming toward the upper channel boundary
The current impulse is gaining strength after exiting the correction
Key Levels:
Support: 22,664; 22,527
Resistance: 22,974 (upper channel boundary), 23,080 (target zone)
Scenario:
Primary: If the index holds above 22,697, a continuation toward 22,974 and 23,080 is likely.
Alternative: A drop below 22,664 may lead to a decline toward 22,527 and the lower channel boundary.
Trade closed manually
Position closed at price 22746
Denolla Finance - your guide to the world of investments!
In today's world of finance and investments, the importance of knowledge and information cannot be overstated. Understanding the basics of financial instruments, strategies and market trends.
In today's world of finance and investments, the importance of knowledge and information cannot be overstated. Understanding the basics of financial instruments, strategies and market trends.
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.
Denolla Finance - your guide to the world of investments!
In today's world of finance and investments, the importance of knowledge and information cannot be overstated. Understanding the basics of financial instruments, strategies and market trends.
In today's world of finance and investments, the importance of knowledge and information cannot be overstated. Understanding the basics of financial instruments, strategies and market trends.
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.