NASDAQ 100 - the push to the upside is now expected
Traders, as you already know due to the lately COVID-19 outbreak markets started to fall for the recent week. The Virus fears raise as the"W.H.O." raises coronavirus threat assessment, now says virus poses a ‘very high’ risk at a global level" - cnbc.com.
Price is now trading at a previous strong demand area, already retested the 8.200 level.
We now expect the push to the upside from the demand area, due to the tweet on 28 Feb " POWELL SAYS FED WILL USE ITS TOOLS AND ACT AS APPROPRIATE TO SUPPORT THE ECONOMY"@FxMacro
Now as we approach summer, the Virus-infected cases should start to decrease as the COVID-19 only survives under 26 degrees Celsius.
We don't see concrete signs of a recession. Gold is also dropping, might create now an h&s pattern, signaling a reversal to 1400.
Monthly indicators and moving averages are signaling strong buy, the bullish momentum is still valid from a technical view.
We will long at 8.400 and have our fist target to the 50 EMA, 9000.
Keep in mind that the Corona Virus news might still impact the markets in the following weeks, use proper risk management.
Price is now trading at a previous strong demand area, already retested the 8.200 level.
We now expect the push to the upside from the demand area, due to the tweet on 28 Feb " POWELL SAYS FED WILL USE ITS TOOLS AND ACT AS APPROPRIATE TO SUPPORT THE ECONOMY"@FxMacro
Now as we approach summer, the Virus-infected cases should start to decrease as the COVID-19 only survives under 26 degrees Celsius.
We don't see concrete signs of a recession. Gold is also dropping, might create now an h&s pattern, signaling a reversal to 1400.
Monthly indicators and moving averages are signaling strong buy, the bullish momentum is still valid from a technical view.
We will long at 8.400 and have our fist target to the 50 EMA, 9000.
Keep in mind that the Corona Virus news might still impact the markets in the following weeks, use proper risk management.
Trade closed: target reached:
The first target reached, you can close half positions, the rest we advise to keep them risk free, st on entry. The next tp is 9300