The market structure on NAS 100 is still bullish on higher time frames and bearish on lower time frames. We will be analyzing daily chart for NAS 100. Market is currently at a major support level. This support level is the deciding factor to dictate the market sentiment of being bearish or bullish. We will be taking a risk for a buy at this current level, on Monday, when the NYSE session is started.

NAS 100 is in a descending channel. This channel usually is a corrective pattern for the market to continuing moving up. We will be closely analyzing the trendline breakout buy, after validation of the candles opening and closing above the trendline.

At the support level of 15600, we have a confluence of the golden retracement level of 75-78.6%. This confluence of support with the retracement determines the strength of the region.

EMA 50 has just been pierced and is now looking for a retest after testing the EMA. This EMA 200, is still far below the current market price. Market may not even tap this EMA. Therefore, we will be closely looking at the support level to maintain our buying decision. The EMA 50 breakout, might turn out to be a fakeout.

With the oscillators, both are in the bearish region. The RSI is at the 42 level, whereas CCI is at 1. Once the oscillators are neutralized, we will see market test the resistance level. If the market drops to the oversold region, we will have another confluence to add to our technical factors.

NAS 100 is at a good buying price. That being said, we also have to consider the fact that this support could be taken out and we need to be vary of it.

NAS 100 at a premium buy level

Dec 04 2021

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