Nas100 has been very bearish for weeks as a result of the Russia Ukraine crisis and rising USD rates.
From the impulsive bearish movement price has tested a major supporting trendline on the weekly for the third time, sparking a bullish movement.
An inverse head and shoulders was formed and the price broke the neckline, moving higher.
The market has now tested the 61.8% Fib retracement. This will likely result in a bearish movement that will lead to the retest of the Inverse head and shoulders or a complete bearish continuation.
We also see that a trendline Off the daily has been broken, and this could spark a massive bullish movement if price breaks above 12350.00
Happy Trading!
From the impulsive bearish movement price has tested a major supporting trendline on the weekly for the third time, sparking a bullish movement.
An inverse head and shoulders was formed and the price broke the neckline, moving higher.
The market has now tested the 61.8% Fib retracement. This will likely result in a bearish movement that will lead to the retest of the Inverse head and shoulders or a complete bearish continuation.
We also see that a trendline Off the daily has been broken, and this could spark a massive bullish movement if price breaks above 12350.00
Happy Trading!
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