The NAS100 bulls have reclaimed the lower high channel after a well-fought drawn out 17,300 liquidity battle last week!

As a result my May 2 long trade plan exited in profit:

https://www.finlogix.com/analysis/20240502/nas100-intraday-analysis-and-trading-plan-for-may-2-2024

An updated record of 3 wins and 4 losses.

A quiet week in the US with only 3 high impact economic releases starting Thursday to Friday.

Re-assessing NAS100’s high timeframe candles:

Yearly Candle: Last check is a Green Spinning Top now a Green Body with a Longer Tail Wick

Monthly Candle: Last check is a Green Short Upper Shadow now a Green Body

Weekly Candle: Previous close is a Green Hammer current is a Small Green Body

Daily Candle: Previous close is a Green Long Upper Shadow current is Developing a Small Green Body

Extending weekly gains in 3 streak and a good profit taking pullback yesterday.

The index is also completely trading above its 4H simple moving averages depicting a bullish momentum is still in play.

Based on what I’m seeing, if the NAS100 bulls find a way to win out of a consolidation near or mid point of its lower high trendline, a new all time high record is possible!

Last week, we saw confirmation that the index’s price wants to go higher after the 17,300 level rejected and frustrated the bears.

On the 4H chart, we can see a strong moving up in the presence of break-away FVGs after a convincing breakout on the lower low channel.

From here, I’ll be interested and focusing to look for buy setups only.

The price action looks to threaten the buy side liquidity levels residing near the upper levels of the lower high channel.

I remain a buyer for the NAS100 with these new entries:

The NAS100 index looks set to roar to the upside after a decisive consolidation result.

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.

NAS100 Intraday Analysis and Trading Plan For May 8, 2024

May 08 2024

Take Profit +2.88%

Holding time 7d12hr

18079.94

Entry price

18600.03

Take profit price

1