NAS100 Analysis – February 26
NAS100 is poised to continue its bullish campaign with a bullish flag formation. The market picked up momentum, precisely at the beginning of the year. This led to a strong upward movement from the demand level of 10695.0. The price then faced several key levels head-on, breaching all till it reached the 12884.0 resistance level, which rejected the market.
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 increase has been resisted at the 12884.0 significant level. Nevertheless, the bulls still have a strong desire to lift the market beyond this level, but they won’t engage in a forceful approach. Instead, the price has adjusted to the rejection by sliding down through a channel.
The downward slide of the price through a channel seems to give the market the structure of a bullish reversal flag. The strong upward movement of NASDAQ from the beginning of the year up to the resistance level acted as the flag pole. The plunging of the market to form the flag has resulted in the Parabolic (SAR Stop and Reverse) hanging above the candles to confirm the price retracement.
NAS100 Short-Term Trend: Bullish
The Parabolic SAR dots remain aligned above the candlesticks even in the 4-hour chart. However, the Stochastic Oscillator lines on the daily chart are now fluctuating around the oversold border and are poised for an imminent rise after they dived the overbought region to the oversold region. The lines are already rising in the 4-hour chart. NAS100 buyers will gain more momentum and continue their strong rally beyond the resistance level towards 13600.0.
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