Nasdaq 100 is showing signs of sluggishness in its effort to revisit the previous high at 21,205.0. After pulling back into the last visible bullish order block at 20,771.0 on the daily chart, the price has resumed a slow upward movement. Although a sharp upside expansion is still anticipated, the current price action suggests a cautious climb toward the swing high.
The long-term trend remains bullish, but momentum has weakened significantly. The Average Directional Index (ADX) has fallen below 20, indicating reduced trend strength. This drop in momentum suggests an accumulation phase, with price gradually increasing over time.
The pullback found strong support at the confluence of a bullish order block and an upward trendline, reaffirming the bullish structure. Moving Averages are also reinforcing this support, aiding in the steady price rise.
Nasdaq 100 Short-Term Trend: Bullish
In the short term, the recovery is unfolding within an expanding channel, reflecting a widening price range. The 4-hour chart emphasizes the ADX’s continued decline, further highlighting the weakening momentum.
While buyers maintain control, a potential reversal could occur if they lose their footing. Monitoring momentum and key levels, as well as forex signals, will be essential in anticipating the next significant move for Nasdaq 100.
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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