Nasdaq (NAS100) Keeps Growing Stronger After a Breakout

NAS100 Analysis – March 19

NAS100 keeps growing stronger after its breakout from its bullish reversal structure. The market had to endure the drop in price after it hit a stumbling block at 12884.0. An exhausted buying base lost its balance, and afterward, we saw the market tumbling downward in a channel better described as the flag. The flag pole was formed by the strong bullish rise that occurred from early January into February.

NAS100 Critical Levels

Supply Zone: 13600.0, 12884.0 12580.0
Demand Zone: 12165.0, 11835.0, 11512.0

NAS100 Short-Term Trend: Bullish

From the time the price hit 12884.0 on the 2nd of February until mid-March that NAS100 dropped almost 10% to just beyond the 11835.0 demand level. From here, the buy-traders were able to stabilize, and they immediately began to influence the market. From there, consecutive bullish candlesticks can be seen pushing the price out of the flag and just below 12580.0.

The EFI (Elders Force Index) on the daily chart has wasted no time in pushing out from the negative value up higher above the zero level in response to the newfound bullish fervor. Also on the daily timeframe, the Parabolic SAR (Stop and Reverse) dots have switched to the underside of the candlesticks as the price changes and moves in a definite upward direction.

NAS100 Short-Term Trend: Bullish

Despite all the show of strength by the buying base, the 4-hour chart shows that the price is currently held up at 12580.0. As a result, the EFI line has nosedived, though still above the zero level. The Parabolic SAR dots have also switched above the market candles on the 4-hour chart. Nevertheless, the bulls are expected to keep pushing pressure on the level until it gives way to more price rises.

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