Nasdaq 100 IndexLong
NDX Broke Double Bullish Pattern, 16600 Soon
Updated
Dear Traders,
NDX broke the falling channel (long purple trendlines) and then repeated a breakout from the falling wedge (short purple trendlines).
I believe NDX can continue its rally because MACD turned bullish, and I can see a confirmed bullish cross on the RSI. The price is above EMAs, and the volume is high enough for the continuation. I believe the target could be around 16600.
NDX is also overbought. While I expect further upside, traders without an existing position from lower target prices could wait for a corrective retracement to enter.
Kind regards,
Ely
NDX broke the falling channel (long purple trendlines) and then repeated a breakout from the falling wedge (short purple trendlines).
I believe NDX can continue its rally because MACD turned bullish, and I can see a confirmed bullish cross on the RSI. The price is above EMAs, and the volume is high enough for the continuation. I believe the target could be around 16600.
NDX is also overbought. While I expect further upside, traders without an existing position from lower target prices could wait for a corrective retracement to enter.
Kind regards,
Ely
Note
In the meantime, my DXY hit its bearish target prices. The relevance of this achievement to the NDX idea is in the flow of money. My bots are monitoring the market at a high frequency, and according to the findings, money flows out from USD, but where? Not gold because gold is in a bearish trend, too. FOREX would be a good guess, but the price changes suggest more money flows elsewhere. I believe, according to bots' observations, the money flows into stocks. I hope NDX will be among them.
Trade closed: target reached
One bar ago, NDX hit the target price. I hope you found pleasure in these analytics. I surely did. Enjoy your trading! 🚀
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