It's here again. After almost three months Nasdaq 100 has once again reloaded its momentum in the occasion of Fed's monetary talks.
But those are fundamentals. What I bring to the table is a reasonably accurate technical analysis of worlds most famous technological index - Nasdaq 100.
What is it all about?
The core of this idea is the market structure - determined by the swing range. Every time the price advanced to new highs, it took advantage of its 50% fibonacci retracement area. You can take a look at those pink areas and see that it is just the way it is!
What I consider to be reliable is the local resistance-became-support & Fibonacci gameplan. Still we're talking about index, right? We all want and expect it to go up in general. In this case the new highs cooperate really well with price drops.
But back to now! As you can see, we can witness a moment technical traders like to call "leves of confluence"!
What does it mean? - When there is a level of confluence, we can spot two or more signals each of which offer the same opportunity.
Signals:
• 50% fibonacci
• resistance-became-support
• EMA 100
• RSI below 50
• supportive linear trendline
Use my analysis as you wish. If you found anything else to support this idea, don't hesitate to contribute.
Stay disciplined and keep your numbers green,
Skål!
But those are fundamentals. What I bring to the table is a reasonably accurate technical analysis of worlds most famous technological index - Nasdaq 100.
What is it all about?
The core of this idea is the market structure - determined by the swing range. Every time the price advanced to new highs, it took advantage of its 50% fibonacci retracement area. You can take a look at those pink areas and see that it is just the way it is!
What I consider to be reliable is the local resistance-became-support & Fibonacci gameplan. Still we're talking about index, right? We all want and expect it to go up in general. In this case the new highs cooperate really well with price drops.
But back to now! As you can see, we can witness a moment technical traders like to call "leves of confluence"!
What does it mean? - When there is a level of confluence, we can spot two or more signals each of which offer the same opportunity.
Signals:
• 50% fibonacci
• resistance-became-support
• EMA 100
• RSI below 50
• supportive linear trendline
Use my analysis as you wish. If you found anything else to support this idea, don't hesitate to contribute.
Stay disciplined and keep your numbers green,
Skål!