Nas100 is at the the price of 10950. This price needs to drop back to the support level to gather the liquidity for the long positions. That being said, market has the potential to continue moving further up to the next resistance. Market has formed lower lows and lower highs but it seems, the major support level will make the market move up.

The descending trendline has the potential to breakout for buys and then continue moving up after the validation.

The retracement level of 61.8% is in confluence with the support level. This confluence will mark the level up. 

EMA 50 is still bearish and the market has the potential to tap the EMA 50 as the retest.

RSI 14 is at 51 which is the bullish region. This region needs to be drawn into the over sold region in order for the market to form a divergence to continue moving up.

Bullish buildup on Nas100

Jan 04 2023