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Market Analysis – May 7
Nasdaq 100 broke the resistance level of 13195.0 on April 27, 2023. For about eight months, the price has gyrated below the resistance level. The bulls didn’t relent after the push above the resistance zone. The pullback that followed the breakout gathered sufficient momentum to create a new high.
Nasdaq 100 Key Levels
Demand Levels: 12705.0, 12439.0, 11675.0
Supply Levels: 13195.0, 13729.0, 14274.0
US 100 Long-Term Trend: Bullish
Nasdaq 100 experienced a short-term bearish trend on the overall long-term trend. The month of February into mid-March was characterized by a decline in the price. A double-top bearish reversal pattern was used to initiate the temporary sell-off at the 12705.0 significant zone.
After the formation of the bearish chart pattern when the Williams Percent Range was overbought, the neckline of the double top was broken on the 21st of February. The Parabolic SAR (Stop and Reverse) guided the daily candlesticks to the lower support level of 11645.0
On the 13th of March, the daily candle flaunted its shadow to show the rejection at the 11675.0 support level. This led to a resumption of the bullish institutional order flow. The market took off from the oversold region as the Parabolic SAR (Stop and Reverse) escorted the candlesticks from below.
US 100 Short-Term Trend:
The market has ascended to the resistance trendline of the bullish wedge. The Williams Percent Range is currently overbought. A pullback to the support trendline above 12705.0 is anticipated to regain bullish momentum.
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