Hello everyone,
It was not a surprise that the FED could raise interest rate yesterday. After FOMC, we saw the stock market rallying up which eventually did a push up on NAS100. Technically, NAS100 has reached a significant key level. We also see that the index is in a rising channel. I believe the downward pressure on the index is far from over considering the fact that interest rate is being increased very rapidly with hope of taming inflation. In the near future I believe the index may still test the 11k. In line with my previous predictions, the index may still try to extend to the falling trendline and probably that is when we will witness a big decline in the index. As for now I believe the support of the rising channel may be an easy target for the bears.
Here is my forecast:
After clear confirmation that bears will defend 12600 zone, I anticipate price to decline for more than 700 pips. For short positions I will look out for these levels for possible target levels.
12292.67
11908.06
However, I am not dismissing any bullish moves. If bears fail to defend the key level and the entire area around it we could see price rising.
If you find this idea helpful, please do support it with likes.
If you have different opinion or suggestion please share in the comment section below.
Trade smart.
It was not a surprise that the FED could raise interest rate yesterday. After FOMC, we saw the stock market rallying up which eventually did a push up on NAS100. Technically, NAS100 has reached a significant key level. We also see that the index is in a rising channel. I believe the downward pressure on the index is far from over considering the fact that interest rate is being increased very rapidly with hope of taming inflation. In the near future I believe the index may still test the 11k. In line with my previous predictions, the index may still try to extend to the falling trendline and probably that is when we will witness a big decline in the index. As for now I believe the support of the rising channel may be an easy target for the bears.
Here is my forecast:
After clear confirmation that bears will defend 12600 zone, I anticipate price to decline for more than 700 pips. For short positions I will look out for these levels for possible target levels.
12292.67
11908.06
However, I am not dismissing any bullish moves. If bears fail to defend the key level and the entire area around it we could see price rising.
If you find this idea helpful, please do support it with likes.
If you have different opinion or suggestion please share in the comment section below.
Trade smart.
