Chibuike_Odoh

NAS100 - Descending channel

FX:NAS100   NASDAQ 100 Index
Analysis 🔎: NAS100 is printing a descending channel on the 1H timeframe.
Price is testing the descending channel resistance.
The minor uptrend is supported by an ascending trendline support.
We could see a breakout or a downtrend continuation.

Bullish ⬆️: breakout above the descending channel's resistance.
Bearish ⬇️: breakdown below the ascending trendline support.

Possible breakout price actions are indicated by the arrows on the chart.

Targets 🎯: Bullish ⬆️ - horizontal resistance levels (R1, R2).
Bearish ⬇️ - horizontal support level (S1), descending channel support.

Comments

***Chart correction - the labelled channel is a descending channel not an ascending channel
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