Nasdaq 100 H4 - Our Expectations
The impact of the crisis in Turkey has managed to concentrate on European and emerging markets, while US futures have kept the positive sentiment of last week. The current retracement gives us the possibility of short-term profit within the workweek and possibly at the beginning of the next.
The price is in uptrend trend, after correction to a key support level. There is a basic diagonal + horizontal, supported by 38.2% Fibonacci correction of the main trend. Price Acton - Formation "engulfin bar" at support levels. In addition with Price Action, the price behavior on smaller M5 chart clearly shows that bulls take precedence, as rises are sharp and high at the expense of small and sustained declines. 50 and 200SMA are beaded, the price remains below 50SMA, but on 200SMA. DeMarker points upwards from a over sales area, near a record low during upward movement - a positive signal.
Given the location of the price, as well as the damp foundation around Turkey, I expect a peak test to reach last week. During the Asian and European sessions, we will most likely to see short sellers in action which give us good positioning levels with maximum short stop loss order.
SL: 7276,93
Alternative Scenario: If the price goes back below the support area and stays there, the positive scenario will be spoiled and more likely to see a fall in the index price.
Read more:
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.