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Naranjcapital

Technical Analysis Of NYSE Composite Index In Daily Timeframe (1) After the breakout of the Rounding Bottom pattern, price has given a sharp upside rally and reached to its previous All Time High at near 18,340. (2) After that, a sharp correction has been seen, which was quite natural. Price took support at near 17,380 level. (3) Then with a strong up move, price made a fresh All Time High at near 18,400 level. (4) 18,330 level will act as an immediate support level for the price and It is expected that the price will go up again from this level and achieve new highs. (5) The overall sentiments will remain positive until the price is trading above the 17,380 level.
NYSE:NYA
by NaranjCapital
Technical Analysis of Nasdaq 100 Index in 1 Hour Time Frame(1) In hourly time frame, we can observe that the price was moving through a parallel channel in upward direction. (2) From upside, 18,400 level is performing as a strong resistance and the price couldn’t sustain above this level. (3) 17,800 level is an immediate support for the price as the price has taken support in here for multiple times. (4) Recently with a gap down, price is currently trading below its trend line support level. (5) There is a possible chance that the price again can come to its support zone and bounce back from here.
NASDAQ:NDX
by NaranjCapital
🚀 TASI surge 24% in 2023: Decoding the next move in 2024.Tadawul All Share Index (TADAWUL:TASI) 1) In the day chart we noticed that the Tadawul All Share Index has formed a head and shoulder pattern from April 2023 - September 2023 and a obvious neckline breakout marks the end of the H&S pattern. 2) At the end of H&S pattern we noticed a big red candle closed at 50% into the body of the previous green candle. This is a trend reversal sign known as Dark Cloud candles. 3) Since the August 2023 a sharp down trend consist with mostly the red candles. It signifies strong bearish momentum. TASI had fallen from 11933 to 10262, nearly 14% correction in a span of just 12 weeks. 4) We noticed the bullish flag pattern started forming since mid Nov 2023, where two parallel trendlines preceded by a flag pole which clearly indicates strong bull's presence in the index. 5) Dec 2023 onwards TASI started moving straight upward after flag pattern breakout and again forming a bullish flag pattern. Such back to back flag breakouts give prominent signal of long bullish run to be continue. Happy Trading! Cheers to this bull run!
TADAWUL:TASILong
by NaranjCapital