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
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.
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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