Nasdaq (NAS100) Remains Stuck in the Accumulation Phase
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Nasdaq (NAS100) Remains Stuck in the Accumulation Phase

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Azeez Mustapha

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Market Analysis- December 4th

Nasdaq (NAS100) remains stuck in the accumulation phase. The index has recently experienced a slowdown in bullish momentum. There has been a slow, dynamic interaction between buyers and sellers in the market.

Last week, there was a strong resurgence of buyers, breaking through the important level of 15876.800. This breakthrough, along with a successful retest at the key level of 15128.500, demonstrated the determination of buyers in the market. The lack of bearish strength after the breakout has kept the bullish structure intact, indicating ongoing pressure from buyers.

Nasdaq (NAS100) Key Levels

Resistance Levels: 15876.800, 15128.500 
Support Levels: 14055.800, 13494.600

Nasdaq (NAS100) Remains Stuck in the Accumulation Phase

Nasdaq (NAS100) Long Term Trend: Bullish

However, buyers are currently facing a challenge as traders stand firm, making it difficult for bullish strength to prevail. There is a struggle between buyers and sellers, resulting in price accumulation. The initial bullish momentum has encountered resistance, leading to a consolidation phase.

Buyers are still motivated and seeking opportunities, but they need to overcome the current consolidation phase. The Money Flow Index indicator shows that the price flow is still above the positive region, despite a decline in the market. The Moving Average crossing still holds the market’s stronghold in a bullish direction. Although another crossover is getting closer,

Nasdaq (NAS100) Remains Stuck in the Accumulation Phase

Nasdaq (NAS100) Short Term: Bullish

In shorter time frames, buyers are showing signs of recovery, highlighting their resilience during this consolidation period. The short time frame still represents the accumulation phase ongoing in the market. The buying momentum, which appears to have slowed down, will soon be revived in the market.

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