The Nasdaq 100 index continues its upward momentum following a recent pullback, as the price rebounds from the support level at 16,629.0. After a brief pause near the bearish order block at 20,129.0 on the daily chart, which initiated a bearish retracement, the index has now resumed its upward movement.
The test at the bearish order block of 20,129.0 formed a swing high, triggering a pullback for support. During this phase, the Smoothed Heikin Ashi candles maintained a strong uptrend, with consistent green bars that minimized retracement noise.
The pullback for the Nasdaq 100 index began on September 26, marked by a candle with a prominent upper shadow, indicating the potential for a downturn.
The Smoothed Heikin Ashi candles have confirmed support for the continuation of the uptrend. Additionally, the bullish break above the swing high of 20,313.0 has indicated the resumption of the upward trajectory.
Nasdaq 100 Short-Term Trend: Bullish
On lower time frames, price action shows detailed bullish momentum. The pullback to 19,626.0 tested a bullish order block, setting the foundation for a renewed rise. Similarly, the break above the resistance level at 20,129.0 was followed by a double test of another bullish order block at the same level, further fueling bullish momentum. The index is now moving toward 20,771.0.
Traders utilizing forex signals may find this trend an opportunity to identify potential entry points as the Nasdaq 100 expands its bullish run.
Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset, product, or event. We are not responsible for your investment results.
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