Market Analysis – January 29th
NAS100 is currently building a stronghold to tackle the selling motion that has been prevalent in the market. This week, Nasdaq has been performing well, and the buyers are regaining their confidence as they aim to launch forward. The bulls have been optimistic since the beginning of this month, and even since last year, there have been many bullish structures maintained.
NAS100 Key Levels
Resistance Levels: 17333.50, 16943.70
Support Levels: 15692.40, 13426.30
Nasdaq (NAS100) Long Term Trend: Bullish
The bullish long-term trend has been kept alive as we enter the new year. After experiencing a fall back to the significant level of 16,175.100, the buyers have regained their confidence and are back on the scene.
Last week, the bulls mustered enough strength to push the index price above the significant level of 17,333.50. However, there was a sign of weakness, causing the price to pull back. Despite their current intention to move forward, there will likely be further reactions. However, this hold is expected to be temporary.
Analyzing the Relative Strength Index (RSI), it is clear that the index is heading very close to the overbought area. This suggests that despite the strong volatility, the buyers may be prevented from pushing the price beyond the key level of 18,000.00.
Nasdaq (NAS100) Short-Term Trend: Bullish
In the short time frame, the buyers’ regained stance seems to keep traders’ hopes alive. However, it is important to note that the tide may change at any moment. Traders seeking profit in the Nasdaq market should carefully look out for the best forex signals before making any decisions. These signals can provide valuable insights and guidance to help traders navigate the market effectively.
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