NAS100’s bulls have just backtested March and April support levels in yesterday’s price pullback. Still plenty of room for upside actions in June.

As a result, yesterday’s long trade plan has immediately caught its stop loss order:

https://www.finlogix.com/analysis/20240603/nas100-intraday-analysis-and-trading-plan-for-june-3-2024

An updated record of 4 wins and 6 losses.

Join me as I share a new analysis for the NAS100 index.

There are 7 American high impact economic reports left this week after mixed results last night from Final and ISM Manufacturing PMIs.

Re-assessing NAS100’s high timeframe candles:

Yearly Candle: Still a Green Body with a Longer Tail Wick since last check

Monthly Candle: Last check is a Small Green Hammer now a Red Doji

Weekly Candle: Last check is a Green Body with a Longer Tail Wick now a Red Doji

Daily Candle: Previous close is a Green Long Lower Shadow current is a Red Body with a Slightly Longer Tail Wick

As expected in yesterday’s analysis, the nearby 4H 50-SMA acted as the index’s nearby resistance then followed a strong pullback which re-tested May 18’s low as support again.

This area of support then created a 4H bullish engulfing pattern but the price stopped recovering through the 4H 100-SMA as the intraday resistance.

I’m seeing an overall upward trajectory in June and these mere pullbacks won’t change my view as long as the May 19 support holds together with the drawn order block region.

In case the first layer of support depletes, the 4H 200-SMA awaits which is inside the OB.

The NAS100 bears are surely creating selling pressures. At least they are trying.

In today’s trade plan, I remain a buyer for the index.

Yesterday’s rally just made a good pullback but does not invalidate my bullish June theory.

I’m going to open a long position again with the following updated entries:

As long as price is above the green supportive trendline indicated above, I’m entering through the current or next 4H candle pullback with the same take profit target and tighter stop loss.

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 June 4, 2024

Jun 04 2024

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