Nasdaq (US 100) Forms Double-Top at Supply Level

Updated:

Checkmark

Service for copy trading.

Checkmark

High profitable signals.

Checkmark

24/7 cryptocurrency trading.

Checkmark

10 minute setup with significant benefits.

Checkmark

79% Success rate.

Checkmark

Up to 40 trades per month.

Checkmark

Monthly subscriptions begin at £58.


The Nasdaq uptrend has been put to a halt at the 12795.0 supply level. The buyers are exhausted after pushing through multiple resistance zones.

US 100 Key Levels

Demand Levels: 12071.0, 11311.0, 10665.0
Supply Levels: 12795.0, 13638.0, 14400.0Nasdaq (Nas 100) Forms Double-Top at Supply Level

Nasdaq Long-term Trend: Bearish

Nasdaq bulls have faced stiff resistance from the 12795.0 resistance level. The demand level of 10665.0 was used to foster a bullish reversal on the daily chart. The uptrend finally emerged in January after failing multiple times. The first attempt at a bullish reversal from the 10665.0 demand level in October did not break the bearish trendline. The strength of the bearish pull declined significantly after the first bullish reversal attempt from the demand level. The ADX (Average Directional Index) plunged away from 40 on the indicator phase.

The second attempt was short-lived. The market surged into 12701.0 where the battle between buyers and sellers became intense. This caused the market to consolidate from November to December. The range formed during this period resulted in the formation of a liquidity pool at 12701.0. The Stochastic signified that the market was overbought. Hence, the market declined the last time to 10665.0. At this point, the ADX (Average Directional Index) indicates the bulls have lost the strength to drive the market further.

Nasdaq (Nas 100) Forms Double-Top at Supply Level

Nasdaq Short-term Trend: Bearish

The market has emerged from a double-bottom chart pattern after testing 10665.0 for the third time. The price rose to $12795 as a result of the buying pressure. Currently, the market is oversold, as seen on the Stochastic indicator. The market is expected to retrace back to 12701.0

You can purchase Lucky Block here.  Buy LBLOCK

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.