Nasdaq 100 Sets up to Bounce, How Far Could it Go?
From a technical standpoint, the Nasdaq 100 could be eyeing near-term gains. Prices have left behind a Bullish Engulfing candlestick pattern, opening the door to an upward extension.
This also follows positive RSI divergence, which showed that downside momentum was fading.
Prices closed above the 20-day Simple Moving Average as well.
Further gains would place the focus on the early October high at 11729.
Keep a close eye on a potential falling trendline from August (red-dashed line). It could reinstate the downside focus, falling toward the February 2020 high at 9763. Otherwise, more gains could be in store toward September peaks.
NQ1!
This also follows positive RSI divergence, which showed that downside momentum was fading.
Prices closed above the 20-day Simple Moving Average as well.
Further gains would place the focus on the early October high at 11729.
Keep a close eye on a potential falling trendline from August (red-dashed line). It could reinstate the downside focus, falling toward the February 2020 high at 9763. Otherwise, more gains could be in store toward September peaks.
NQ1!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.