Market Analysis – June 5
NAS 100 price is rising steadily. The price has reached its highest this year at 14534.0. The buyers are aiming for a resistance level of 15160.0.
US 100 Key Levels
Demand Levels: 13930.0 13240.0
Supply Levels: 15160.0, 15847.0
US 100 Long-Term Trend Bullish
At the inception of the year, the price escaped from the oversold region of 10800 as seen on the Stochastic. The Cross of the Moving Averages (Periods 9 and 21) confirmed the uptrend.
The month of February started with a bullish break of structure. Due to the consistent rise in the price of Nasdaq Stochastic has rested majorly in the overbought region. The Moving Averages are currently supporting the ascent towards 15160.0 The ADX (Average Directional Index) reveals the strength of the bullish trend is on the rise.
US 100 Short-Term Trend: Bearish
The Stochastic is overbought on the daily chart as well as the 4-hour timeframe. A retracement is therefore anticipated to the 13930 support level creating more buying opportunities to aim for 15160.
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