US100 Turned To The Upside!

US100 Turned To The Upside!

US100 (Nasdaq 100) trades at 13,118 level and it seems determined to resume its growth if it jumps above the former highs. The downside seems limited after its failure to confirm a broader corrective phase.

The index rallies after the US released the ADP-Non Farm Employment Change. The economic indicator was reported at 517K higher versus 176K in the previous reading period and under 552K expected.

Nasdaq 100 Technical Analysis!

                                                Nasdaq 100 – Source: tradingview.com

US100 grows aggressively after escaping from the minor descending pitchfork’s body. The price failed to reach the major descending pitchfork’s body, so now it could approach and reach the upper meridian line (UML).

It has developed a symmetrical triangle in the short term, so an upside target could validate further growth. A valid breakout above the R1 (13,235) and through 13,356 high could bring a long opportunity.

Conclusion!

The aggressive breakout above the descending pitchfork’s upper median line (uml) and through the pivot point 12,931 followed by an upside breakout from the current chart pattern may bring a bullish opportunity.

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Author : Olimpiu Tuns

Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.