Nasdaq100 short opportunity coming up
Updated
Two converging resistance lines on the red circle will prove to be a good short setup.
Different look - MMARs on the 8hr chart. I do not trust this as a bull rally until we get a strong sustained move above the MMAR on the 4 hour chart since we can see that on October 16th, November 1st, and November 7th - the price failed to sustain above the band and fell considerably back into the bands.
- channel resistance (pink)
- resistance line (black) belonging to a descending broadening wedge (use the channel support as the support for this broadening wedge)
Different look - MMARs on the 8hr chart. I do not trust this as a bull rally until we get a strong sustained move above the MMAR on the 4 hour chart since we can see that on October 16th, November 1st, and November 7th - the price failed to sustain above the band and fell considerably back into the bands.
Note
Here is the same chart in 4 hour for anyone who wants a closer zoom.Note that I have removed the channel and instead just left it as a broadening wedge.
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