NAS100 Fakes its Newest Trend

NAS100 Analysis – March 12

NAS100 fakes its newest trend for another trend. The market broke into an uptrend on the 23rd of January 2023, then conveniently faked the trend as it reversed on the resistance level of 12870.00. It checks back into its previous downtrend and starts heading toward the support level of 11810.00. It is now most likely to break the support and slide down to the previous downtrend low.

NAS100 Significant levels:

Resistance Levels – 12879.00, 13710.00
Support Levels – 11810.00, 13710.00

NAS100 Long-Term Trend: Bearish

NAS100 fakes a move to break the resistance level of 12870.00. This requires investors who are willing to bank on the positivity of the market situation. Unfortunately, the price rallied back to its previous trend. To confirm the return of the downtrend, the price formed an ABCD pattern, which will break the support level of 11810.00.

The RSI (Relative Strength Index) indicator 15 and 30 and 50 of the SMA (Simple Moving Average) indicate a fresh break-off of the fake trend. A close below the support level at 11810.00 may settle its downward movement. While buyers are having a run for their money, there are no chances the market will return to its uptrend unless it breaks its previous HH (higher high).

NAS100 Short-Term Trend: Bearish

NAS100 already established another trend after retracements from the trend it faked, which started on February 16, 2023. It has completed the ABCD pattern by breaking the support level 11810.00. Retracements may take place before hitting their previous lows. The RSI indicator 15, 30, and 50 and the SMA record a new trend, which validates the market’s price to go lower.

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