Potential bull flag on the Nasdaq 100 (NDX)
The Nasdaq is holding above the February high and forming a potential bull flag pattern, which projects an approximate target around 13,500. A larger flag pattern also remains in play with a target just below 14,000, although the October high and monthly R1 around 13700 provide a likely resistance area. The daily trend is respecting the 10 and 20-day EMA's and the structure favours a break of last week's high.
- Bulls could seek bullish setups around current levels in anticipation of a break higher, or around the monthly pivot point should we see a deeper pullback and invalidation of the smaller flag.
- The bias remains bullish above the monthly pivot
- Targets include the resistance clusters around 13,500 and 14,000
- Bulls could seek bullish setups around current levels in anticipation of a break higher, or around the monthly pivot point should we see a deeper pullback and invalidation of the smaller flag.
- The bias remains bullish above the monthly pivot
- Targets include the resistance clusters around 13,500 and 14,000
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