NAS 100 has been super bullish recently and has the potential to continue moving up. Right now, the market is at the price point of 12780, which is the resistance area. This area needs to be retraced in order for the market to make another bullish leg. The support area where we will be looking to go long is at the price of 12620. Market has formed higher highs and higher lows and has broken past 2 previous highs, which indicates the shift in the trend towards the bullish side.

The descending trendline has been broken out for buys and has been validated with the price action. This validation is the confirmation for the market to move up.

The retracement area is at the support level with the level of 61.8%. This confluence will act strong for the market to move up.

EMA 50 is bearish and is tapping the market at the resistance level, where market is going to retrace and then form another bullish leg up. Market has the potential to breakout buy from the EMA 50.

RSI is at 71. This needs to be neutralized at the 50 level in order for the market to move up. Right now, its risky buys as we are already nearing the over bought levels on the oscillator. 

NAS 100 long positions

Sep 13 2022