Nasdaq 100 Bears Take a Breather

Nasdaq 100 bears take a breather, allowing buyers an opportunity to re-enter the market. While the market continues to favor the bears, sellers are putting up a fight against the prevailing trend.

The selling pressure intensified after a bullish swing that reached the key level of 15914.00. However, since sellers have been unable to breach the key level of 14534.00, buyers are now attempting to regain control.

Resistance Zones: 15194.00, 14534.00

Support Zones: 13552.00, 12570.00

The bullish sentiment in the market has been evident as the bulls raised the bar this year. This upward momentum can be observed on the daily chart. This is due to the Parabolic SAR (Stop and Reverse) indicator picking up impulses from the buyers.

The MACD (Moving Average Convergence and Divergence) indicator shows signs of synchronizing with bullish sentiment. It suggests that buyers are looking for a way back into the market. Furthermore, the market’s position above the 200 SMA (Simple Moving Average) on the daily chart indicates bullish sentiment.

As buyers continue to fight back, traders should be prepared for a possible breakout back to the 15914.00 key level. However, on the 4-hour chart, the bulls still lack the momentum needed to make a significant breakthrough. A break above the 200 SMA would confirm the return of buyers’ strength in the market. Traders should therefore look into how prices play out as the week goes by.

You can purchase Lucky Block here.  Buy LBLOCK

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results