Nas100 is printing bearish setups with Head and Shoulders
Friends, let's take a look at the technically aspect of Nas100. From my previous analysis I mentioned of the broadening wedge that needed completion. The overall idea is Nas100 is printing quite a number of bearish setups. With the broadening wedge, there's high probability that price will be pushed to the downside and this will act as a continuation of price to the downside. We are already seeing bulls power getting diminished as they cannot be able to reach to the previous high around 16775.00 and price keeps on being rejected several times at 16400.00.
If we also take a closer look, we see that the current market structure is about to reveal a head and shoulders pattern. At this point bears are targeting and eyeing level 16000.00.
A complete violation of this level we will expect further downward momentum which will also trigger the head and shoulders pattern to be completed and violated.
Please keep in mind of these important levels:
16400.00 is now acting as resistance, a complete break above this level bulls will take the victory to the upside.
Meanwhile, 16000.00 is acting as support, bears completely violating this level to the downside will send price lower to at least 15700-15800.
Nonetheless, my bias at the moment is bearish.
Friends, do not forget to show your support with likes if you enjoy my ideas. Do make sure to follow me if you would like to get new updates.
Take note that any trading decisions you take from this idea should be at your own discretion. This is not a trading signal, rather it should be a mere opinion of what I think price is about to do.
💡Previous Forecast
💰Outcome of the Previous Forecast
💡New Forecast based on the broadening wedge formation
If we also take a closer look, we see that the current market structure is about to reveal a head and shoulders pattern. At this point bears are targeting and eyeing level 16000.00.
A complete violation of this level we will expect further downward momentum which will also trigger the head and shoulders pattern to be completed and violated.
Please keep in mind of these important levels:
16400.00 is now acting as resistance, a complete break above this level bulls will take the victory to the upside.
Meanwhile, 16000.00 is acting as support, bears completely violating this level to the downside will send price lower to at least 15700-15800.
Nonetheless, my bias at the moment is bearish.
Friends, do not forget to show your support with likes if you enjoy my ideas. Do make sure to follow me if you would like to get new updates.
Take note that any trading decisions you take from this idea should be at your own discretion. This is not a trading signal, rather it should be a mere opinion of what I think price is about to do.
💡Previous Forecast
💰Outcome of the Previous Forecast
💡New Forecast based on the broadening wedge formation
