Nasdaq 100 Aims for the 13638.0 Resistance Zone

Azeez Mustapha

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Market Analysis – April 30

Nasdaq 100 has repeated a correction and impulse circle on the 24-hour chart. The market has just experienced a bullish displacement after a correction that was initiated in April.

US 100 Significant Levels

Support Levels: 12795.0, 12071.0, 11311.0
Resistance Levels: 13638.0, 13800.0, 140000.0

TradingView Chart

NAS 100 Long-Term Trend: Bullish

US 100 buyers were exhausted after reaching 12796.9. The impulsive displacement transformed into a correction. The market retraced to the support level of 12071.0 to gain bullish momentum. A double bottom chart pattern signaled the readiness of the buyers to launch. The bearish trendline was broken at the cross of the moving Averages ( periods nine and twenty-one) to continue the uptrend.

After the emergence of the price above 12795.0, the same key level was tested. The price took off for 13638.0 but paused and reversed abruptly. A new correction phase was organized for a retest of 12795.0. The bearish trendline on the daily chart was broken as the market escaped from the oversold region on the Stochastic.

US100 Aims for the 13638.0 Resistance Zone

US 100 Short-Term Trend: Bearish

The market is overbought on the daily and four-hour charts. A retest of the bearish trendline is therefore anticipated to aid the price rise to 13638.0

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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.

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