Nasdaq (NAS100) Bursts Out of Bullish Flag Formation

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NAS100 Analysis – March 5

NAS100 bursts out of its bullish flag system, and the market is now set for more upside movements. After a period of restricted movement below the 11835.0 significant level, the buyers get emboldened and challenge the key level, leading to a tenure of bullish expression in the market. By the 12884.0 key level, the buyer’s tenacity has reduced, and now the price forms a flag system to continue upward mobility.

NAS100 Critical Levels

Supply Zone: 13600.0, 12884.0 12165.0
Demand Zone: 11835.0, 11512.0, 10695.0

NAS100 Short-Term Trend: Bullish

The price rose to reach the 12884.0 level in early February and then dropped. There was a second attempt shortly after, which was too weak to reach the resistance, hence the market dropped to a lower low. Then a lower low soon followed. This showed that the price was on a downward course. However, the direction in which the price rose and the angle of the dip revealed a bullish flag formation.

The market dropped back to the 11,835.0 significant level, which wouldn’t easily permit the price drop. This formed a solid base for the price rise. In no time, the very strong bullish force hits the price, leading it to surge upwards, bursting out of the formation with consecutive bullish candlesticks. In doing so, the market has dashed past the Moving Averages which will soon cross each other to confirm a market rally.

NAS100 Short-Term Trend: Bullish

The Stochastic Oscillator lines, which hitherto were perambulating around the oversold border, have dashed upward and risen into the overbought region on the 4-hour chart. The Moving Averages have crossed themselves to the upside on the 4-hour chart to confirm a strong market rally towards 12884.0.

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