NAS 100 Experiences a Bullish Breakout
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NAS 100 Experiences a Bullish Breakout

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Azeez Mustapha

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Market Analysis- June 11

The NAS 100 index is currently experiencing a bullish breakout, with the price continuing to rise unabated. The strong buying momentum has propelled it past the bullish wedge formation, indicating a quest for new highs.

NAS 100 Key Levels

Demand Levels: 14250.0, 13500.0, 12800.0
Supply Levels: 15200.0, 15600.0, 16000.0

NAS 100 Experiences a Bullish Breakout

US 100 Long-Term Trend: Bullish

The US 100 index has been supported by a bullish trendline. Buyers found initial support at the lower Bollinger Band earlier this year. Furthermore, the formation of a double-bottom bullish reversal pattern, accompanied by daily candlesticks rising above the Moving Averages, confirmed the presence of an uptrend.

The bullish wedge pattern governed the price action until May when a breakout and subsequent retest occurred. This breakout has further invigorated buyers, as it represents a significant structural breakthrough above the rising wedge. Market participants anticipate that this breakout will propel the price to reach the 15500 level.

NAS 100 Experiences a Bullish Breakout

US 100 Short-Term Trend: Bullish

The Stochastic oscillator indicates oversold conditions on both the daily and 4-hour charts. Consequently, a pullback to the Moving Average within the Bollinger Bands is expected. This retracement is likely to provide support and help sustain the ongoing bullish trend.
In summary, the US 100 index is currently witnessing a bullish breakout fueled by robust buying momentum. Traders should monitor the key levels mentioned earlier, as they play a crucial role in identifying potential support and resistance levels. The long-term trend remains bullish, while short-term indicators point towards a possible retracement before the uptrend resumes.

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