Nasdaq 100 Price Action May Extend Last Week’s Upside Move

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Price activities in the Nasdaq 100 market stayed mostly bullish during the past week. At this point, it appears as if price action may continue to move upwards, considering signs coming from trading indicators. So, let’s zoom in to get a closer look.

Major Price Levels:
Top Levels: $11,541.50, $11,600, $11,600
Floor Levels: $11,500, $11,450, $11, 400

Price Action in the Nasdaq 100 Market Breaks the Fib 78.60 Resistance

Price action in the Nasdaq 100 market has poked through the Fibonacci resistance level of 78.60 at $11,463. And, on a more positive note, price action has also broken the $11,500 mark. At this point, price candles from about five trading sessions ago have been forming above the 9-day MA curve. At the same time, the Stochastic RSI curves have reached the peak of the overbought region, and both the leading and lagging lines are now flat out in the overbought area. It looks like the lines of the RSI may remain flat in the overbought area; this opinion comes from the signs on the MACD. The MACD’s curves can be seen rising vigorously upward following a crossover. Therefore, this current price move seems strong, and traders may still benefit from it.

The Nasdaq 100 Market Remains Optimistic About a Continuous Price Increase

Even on the 4-hour market, price action continues to show upside promise. Price candles are still above the MA line, with the last price candle here pushing the price level higher and away from the MA line. Also, the Stochastic RSI curves remain flat in the overbought area. Likewise, the curves of the MACD indicator have risen above the equilibrium line and may still rise further. However, traders should take note of the histogram bars of the MACD, as they are now looking pale green. Consequently, traders should wisely prepare a good risk management plan as they place trades with the expectation that the price may rise to $11,750.

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