NAS 100 shorts from resistance
Vasl Capital
NAS100·
Oct 10 2022
Take Profit +3.46%
Holding time 3d0hr
10990.68
Entry price
10609.95
Take profit price
NAS 100 is already in a bearish trend, which is forming its corrective moves around the corner. We have to understand the power of resistance zones which have been formed and the market can break this support turn resistance. Market is already forming a bearish price action on the support level and has the potential to break below with this pressure.
The ascending trendline has broken out for sells and has massively dropped since. We need to wait for the market to form another breakout sell on the lower timeframe.
The retracement level is in confluence with the resistance level and has the tendency to bring the prices further down.
The EMA 50 is still bearish. Market was unable to tap the EMA 50 for the retest, hence, it has started to decline without the retest.
RSI is at 32. This is the bearish region and has the potential to continue falling towards the over sold region. RSI is aligned with other technical factors for the short setup. We need to wait for the market to neutralize itself at the 50 level in order for the market to continue moving down.
CONCLUSION: BEARISH