NAS100 Exhibits a Positive Turnaround From a Crucial Support

NAS100 Analysis – March 16

NAS100 shows a positive turnaround from a crucial support area of $19,000. The 9-day Simple Moving Average (SMA) is currently positioned at $19,860, slightly above the prevailing price of $19,650, indicating that the market is working to regain upward momentum. An RSI reading of 33.50 suggests that the asset is in oversold territory, hinting at an impending upward correction. A recent rebound from a strong support area further reinforces the likelihood of short-term bullish progress.

NAS100 Key Levels

Resistance Levels: $22,140, $23,000, $24,050
Support Levels: $19,920, $18,320, $17,250

NAS100 Long-Term Trend: Bullish

Recent price movements have demonstrated a rebound from the $19,000 order block, reflecting strong buyer engagement at this support level. Following an extended period of bearish activity, the emergence of a bullish candlestick now suggests that a reversal may be underway. The market is testing resistance at $19,920, and a successful breakout above this level would likely confirm ongoing bullish momentum. Subsequent resistance zones at $22,140 and $23,000 are critical levels where traders might start taking profits.

If the current upward momentum persists, NAS100 may soon target resistance at $22,140. A surge in buying pressure could drive prices toward the psychologically significant $23,000 mark. Conversely, if prices retreat below $19,000, the next notable support is at $18,320, where buyers may step in again. Overall, the existing market structure supports a bullish outlook, provided the current support remains intact.

NAS100 Short-Term Trend: Bullish

The NAS100 has moved above a descending trendline, signaling a potential shift to bullish momentum. Prices are now trading above the 9-day SMA at $19,420, further reinforcing upward strength. Strong support has been established around $18,320, while the next significant resistance is at $19,920. If this momentum is sustained, prices may advance toward the $22,140 level. Traders monitoring forex signals may find opportunities as price action develops within these key levels.

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