Market Analysis- February 21st
Nasdaq consolidates following big moves. NAS100 is currently in a consolidation phase after experiencing significant moves. Buyers are facing pressure around the 17,648.000 price level, which is causing a slowdown in their pace.
Nasdaq (NAS100) Crucial Levels
Resistance Zones: 17,648.000, 17,131.100,
Support Zones: 16,503.500 and 15,728.100.
Nasdaq (NAS100) Long-Term Trend: Bullish
Despite the recent challenges, the long-term trend for Nasdaq remains bullish. Buyers made strides above the 17,648.000 level earlier in February, indicating positive momentum. However, they haven’t been able to push further, leading to a stagnation in momentum. Traders who timed their entries well, guided by the best forex signals, could secure profits.
The momentum indicator is showing a decline, with the signal line at 0.00, signaling weakening buyer strength. Yet, when buyers regain momentum, it could present opportunities for traders to capitalize on. The signal will be from buyers accelerating their power so as to pull through several order levels.
Nasdaq (NAS100) Short-Term Trend: Bullish
The Parabolic SAR (Stop and Reverse) indicator is showing potential entry and exit points. This suggests a bullish trend, with buyers slowly gaining traction and remaining resilient. Although Nasdaq is experiencing a consolidation phase with some challenges for buyers, the overall long-term trend remains bullish. The buyers will need to keep up with a stronger focus. This will help to visualize a more bullish run. The sellers might try to slow the bulls down, but buyers still need to get stronger for more breakthroughs.
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