NAS100 rallied up strongly in the past days and it is now nearing an important zone, the resistance area around 12596 and 12800. I expect the index to react at this zone, where a fall occurs I expect this to drop at least until around 12298.
Reason I expect reaction from 12596 and 12800:
If we pull the Fibonacci retracement level from the high (displayed X) to the low (displayed Y) we see that the 61.80% level is plotting through 12596.58.
However there can be a minor breakout and price fall back. In the case where the 61.80% level is completely violated, we can expect the market to reach to 78.60% which is at around 13021.
We should also consider that there is a diagonal resistance level that plot from December 2021 through to March 2022.
Otherwise I will be considering to look for selling opportunities from now.
Do you have any suggestion or opinion? Please share in the comment section below.
Do also show your support of this idea with likes. I will highly appreciate it.
Do also check out my previous idea on Gold by following the link below.
Reason I expect reaction from 12596 and 12800:
If we pull the Fibonacci retracement level from the high (displayed X) to the low (displayed Y) we see that the 61.80% level is plotting through 12596.58.
However there can be a minor breakout and price fall back. In the case where the 61.80% level is completely violated, we can expect the market to reach to 78.60% which is at around 13021.
We should also consider that there is a diagonal resistance level that plot from December 2021 through to March 2022.
Otherwise I will be considering to look for selling opportunities from now.
Do you have any suggestion or opinion? Please share in the comment section below.
Do also show your support of this idea with likes. I will highly appreciate it.
Do also check out my previous idea on Gold by following the link below.
