The Index made a retracement move on a daily basis, after the downside move the index went up to 0.382 fibonacci ratio and again corrected near 0.2360 fibonacci ratio and was not able to sustain lower; buying pressure was seen at the lower level on the index which is suggesting that the buyers are not ready to give up the move, the only point where we see buyer are stronger than the seller would be a closing above the golden ratio of fibonacci 0.618, once the index is able to close above the golden ratio we can expect the buyer will outperform the seller and the index might trade near the previous high (on intraday).

If the index is able to trade above the given level; the index will trade above the EMA's and will get another confirmation.

The RSI is confirming the price and is expected to do so.

Advice : Buy if the above mentioned level is penetrated.

NAS100

Sep 28 2021

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