The NAS100 bulls have broken its July 11 down trend line intraweek after a strong reversal from last week’s close. Current rally may pull back first before another push up move.

Unfortunately, my July 29’s long trade plan has exited in another loss after my stop level was caught first before the rally this week with a holding time of 6 days and 20 hours:

https://www.finlogix.com/analysis/20240729/nas100-intraday-analysis-and-trading-plan-for-july-29-2024

An updated overall record of 7 wins and 8 losses.

There are no further high impact data releases in the US this Friday.

Re-assessing NAS100’s high timeframe candles:

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

Monthly Candle: Previous close is a Red Long-Legged Semi Doji current is a Green Semi Dragonfly Doji

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

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

A pretty solid August for the NAS100 index!

However, the daily chart is hinting for a brief pullback which we will find out soon enough.

According to the July 11 to August 5 swing high to low as the retracement points of view, we can see that the NAS100 bulls are successful in breaking the drawn down trendline above.

It was backtested into a support as well leaving a bullish fair value gap behind leading to another higher high but yet limited at the current nearby resistance level.

Next key barrier is the 20000 but seems buyers are already exhausted as a new swing high formation is already out with the weekend approaching.

With the price still in a premium array, the best choice is to wait for a pullback first back to the nearby bullish FVG.

I like to short the NAS100 index at the current 4H candle capitalizing for an incoming price correction first before the next leg upward.

I put a stop loss at the 19800 mark only in case the buyers rekindle while targeting the take profit level back to the backtested support area.

Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top tier banks via ACY Connect.

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

NAS100 Intraday Analysis and Trading Plan for August 16, 2024

Aug 16 2024

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