Overview: the Nasdaq 100 is starting a new movement.
Daily chart:
The Nasdaq 100 seems to be continuing its uptrend. After being able to stabilize itself in its correction zone exactly at the 20 location point line from the weekly chart, it is now passing into a new movement. During yesterday’s trading day, it even impressively overcame the 20 location point line from the daily chart. The index is clearly on its way to the last point two and with this, it could continue its trend. This trend size is giving out a clear long signal.
Hourly chart:
By now, a new uptrend has also been established here. However, the price is extremely far into the movement and should first take time to correct itself. The current correction zone is located between 4476 points and 4440 points. Before this correction zone, however, we still have the 20 location point line from the daily chart, which could just as well entice enough buyers into the market. But if the market continues to stay strong, there does not necessarily have to be a large correction. Either way, we also have a clear long signal here.
Intraday:
Since the big picture is giving us the long signal and we have its support, we can also place our trades intraday. First of all, however, the price should run into its correction zone once more (blue rectangle) and start from there. If reversal signals are emitted there, you can enter stops to halt you on the way up to the top. But if this current uptrend breaks through to below the blue rectangle with a closing price, then a larger correction is to be expected. In this case, we would have to wait for a new uptrend.
Best regards
Markus Gabel
Head of Sales/Trading
AgenaTrader Trading Software
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