NAS100 at a Crucial Juncture: What’s Next for the Index?

13 wrz

In my previous NAS100 analysis, I mentioned that as long as 19,500 held as resistance, a drop to 17,000 was likely. Initially, the index did begin to fall, but it found strong support at the April all-time high (ATH) and reversed upward.

Now, the price is once again approaching this crucial resistance. Looking at the chart, we can clearly see the significance of this confluence, marked by the falling trend line, the horizontal level, and the retest of the broken channel support.

A break above this level would put NAS100 back on a bullish track, potentially targeting the previous ATH, with an extension toward 22,000 where the channel's resistance lies.

On the flip side, for bears to gain control, a bearish engulfing pattern needs to form today.