Nas100 could find support at 15600 and here is why!
Nas100 might find strong support around 15600 and bounce up.
Hello traders, it shouldn't surprise us to see Nas100 falling with at least 1.7% during New York session today, as we know this is a volatile market. But here is my thought.
Last week we saw a strong move to the downside that eventually made a fake breakout through the diagonal support of the HTF ascending channel. Looking at a daily timeframe we could see buyers strength coming into play as they managed to push price up and a daily candle closed with a strong rejection, which printed a pin bar. Followed by a strong bullish candle on Tuesday, this was a strong sign that buyers could be present in the market. This is why I strongly believe that it would take a big battle for bears to successfully push price down below 15600 and this could be the level we can expect a strong impulse to the upside. As mentioned previously that bulls would be targeting 16400 level.
What are your thoughts? If you have any please be kind to share in the comment session below.
Hello traders, it shouldn't surprise us to see Nas100 falling with at least 1.7% during New York session today, as we know this is a volatile market. But here is my thought.
Last week we saw a strong move to the downside that eventually made a fake breakout through the diagonal support of the HTF ascending channel. Looking at a daily timeframe we could see buyers strength coming into play as they managed to push price up and a daily candle closed with a strong rejection, which printed a pin bar. Followed by a strong bullish candle on Tuesday, this was a strong sign that buyers could be present in the market. This is why I strongly believe that it would take a big battle for bears to successfully push price down below 15600 and this could be the level we can expect a strong impulse to the upside. As mentioned previously that bulls would be targeting 16400 level.
What are your thoughts? If you have any please be kind to share in the comment session below.
