Nasdaq 100 (NAS100) Double Tests Demand Level at 20,948.00

Market Analysis – January 6

The Nasdaq 100 has shown a pattern of lower highs and equal lows since December, forming a descending triangle on the daily chart. The demand level at 20,948.00, supported by a bullish order block, has consistently held the equal lows. A breakout above 21,856.00 is anticipated to signal a continuation of the uptrend.

Nasdaq Key Levels

Demand Levels: 20,947.90, 19,876.00, 18,876.00
Supply Levels: 21,856.00, 22,132.00, 23,000.00

Nasdaq 100 Long-Term Trend: Bullish

In December, a break of structure above the swing high at 21,232.00 confirmed the continuation of the bullish trend. The bullish order block at 20,947.00, left unmitigated within a fair value gap, highlights market inefficiency, making it a high-quality area of interest.

After peaking at 22,132.00, the price retraced to the order block. This pullback coincided with the lower Bollinger Band, which offered additional support. Despite failing to establish a new high, the price retested the demand level at 20,947.00, marking its second test within this zone.

Nasdaq 100 Short-Term Trend: Bullish

The Bollinger Bands have once again provided support during the second retest of the bullish order block. Furthermore, the Stochastic oscillator entered oversold territory at the 20,947.00 demand level, increasing the likelihood of a price rebound.
The price is now approaching 21,856.00, the last swing high. A sweep above this level could resume the Nasdaq 100’s upward trajectory, reinforcing the overall bullish trend. Investors and traders may use this information, alongside forex signals, to guide their strategies effectively.

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