NASDAQ 100 technical analysis: The index tests an important candle
The Nasdaq 100 index fell early Thursday, but then turned and shaped like a hammer. This is an interesting candle, as it is at altitudes because the penetration below the bottom of that candle will open the door for the possibility of forming a "hanging man". In that case, the market is likely to decline further, possibly reaching 9400 level, and then to the upside trend line. I don't think we will break below that level unless, of course, we get a severe "avoidance" scenario in the United States or some kind of anomaly.
By looking at this chart, if we breach the top of the candle, it will be a very bullish indicator, as it will show an opportunity to rise further and it will appear that the 9500 level will be the potential bottom in the front as well. A lot of money continues to flow towards the Nasdaq 100, and as a result, it continues to be one of the strongest performing indicators that I follow. In this case, it makes sense that value seekers will continue to enter at these declines, which is why I believe that what is known as the “hanging man” formation will not be standing in the front.
To the upside, the clear target will be 9750 and then 10,000 which is a very large level. But I think we may reach the 10,000 level in the coming months, but at this rate we may get some kind of strong progress that enables the market to get there. Money is pouring in from many other countries, and there are the main drivers, people try to find returns anywhere possible, as the returns are almost non-existent. If you are impatient enough, you might get an opportunity to get some value early next week, and there is a possibility that the short positions will be covered at the end of Friday's trading, so remember that the market may retreat a little. At this point, look for value on short-term charts and take advantage of them, as it appears that every time you try to sell this market you lose money, as happened to Asian traders who tried to sell after the evening.
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